Market Pulse - 18Jul23 - Taking a step back

Mild profit taking emerged and the key index took a step back after delivering a strong performance last week. For now, we expect the key index to consolidate as investors could be taking this opportunity, retreating to the sidelines ahead of the mid-week break. Nevertheless, rotational play and the improved market sentiment may ensure the upward momentum on the lower liners to sustain overtime. Elsewhere, the on-going batch of corporate earnings in the US as well as several key economic data such as retail sales, industrial production and manufacturing production numbers will be in focus. 

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