The key index has performed relatively well to hold above the 1,400 level, backed by some fresh buying from foreign institutional participants. Although there was a bout of positive signs on the local bourse, the lower liners are expected to see a consolidation as market participants may trim their holdings ahead of the upcoming states election. Expectedly, the US Federal Reserve delivered another 25 basis points of rate hike. Going forward, market expectations are skewing towards a potential pause in interest rate hikes, which is deemed to be positive for the equities markets. Still, we are cautious over the extended rally and it may warrant a mild pullback over the near term.
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