Market Pulse - 14Aug23 - State elections resulted in status quo

The FBM KLCI was left marginally in red as investors took a cautious stance ahead of the weekend state elections. However, with the state election concluded with a “3-3” status quo outcome, we reckon that the FBM KLCI may stage a relief rebound. The outcome is deemed positive to demonstrate the stability of Pakatan Harapan (PH)-Barisan Nasional (BN) pact government. We expect the lower liners to see improved trading sentiment with investors to re-position ahead of the barrage of corporate earnings releases. Still, gains are expected to remain choppy from the uncertainty surrounding the release of the US FOMC minutes meeting in mid-week.

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