The FBM KLCI rebounded to end the session higher, snapping the 5-day losing streak as bargain hunting activities emerged. Overall, the US stock markets were weaker, awaiting news on the debt ceiling negotiations between congressional leaders and President Joe Biden. Meanwhile, Janet Yellen reiterated her concerns if the debt ceiling is not raised and the country may face defaulting as early as 1st June. Given the uncertainties in the US, we believe the selling pressure may spillover to the local front, capping the upside potential on the FBM KLCI.
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