Market Pulse - 18May23 - Muted Recovery

The FBM KLCI gained marginally higher for the session, led by Petronas Dagangan and Nestle. Although the deal for the US debt ceiling is not reached, the market could be speculating a positive outcome before this weekend to be seen on the ongoing debt ceiling negotiations, hence this has contributed to the strong performance on Wall Street and the market has seen reducing exposure on gold. However, on our local front, the state election, coupled with the ongoing earnings season could cap the upside potential at least for the near term. 

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