The local bourse was not spared by the sell down in regional markets as volatility remain unabated. The selling pressure was also compounded with the weaker-than-expected 2Q23 GDP growth at 2.9% YoY vs. Bloomberg consensus expectations of 3.6% YoY expansion. Looking ahead, we expect the weakness of external demand (slowing exports) may continue weigh onto growth. Meanwhile, the lower liners may undergo a consolidation spell with key focus shifting towards a barrage of corporate earnings releases. Still, any further pullback may also attract quick bargain hunting, in our view.
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