Market Pulse - 21Jul23 - Resumption of recovery

It appears that there were bouts of bargain hunting activities emerging on the FBM KLCI yesterday and we think that the key index may continue to see some nibbling to build onto its recovery trend over the near term. Meanwhile, rotational play may continue to keep the trading interest afloat amongst the lower liners. However, we are cautious that the overbought condition (both FBM Small Cap and FBM ACE) may present limited upsides, in our view. Meanwhile, key focus remains on the on-going batch of corporate earnings in the US, coupled with the retail sales data in the UK that may dictate the direction of the stock markets. 

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