Market Pulse - 14Jul23 - Recovery trend stalled by profit taking

Signs of quick profit taking activities emerged within the local bourse as the key index was not able to climb and close above the 1,400 psychological level. We expect further recovery to be in store as foreign funds have turned into a net buying position in recent 2 days. On the other hand, the lower liners may continue to build onto their recovery momentum, taking advantage of the positive market sentiment. With inflationary pressure cooling off in the US, upward movements could sustain over the near term.

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