Market Pulse - 16May23 - Extended Pullback

The FBM KLCI declined for the fifth session as profit taking activities continues ahead of the debt ceiling negotiations in the US as well as pricing uncertainty in the political scene in the upcoming state elections. However, Wall Street ended higher prior to the US debt ceiling talks as traders hoped that a deal would be reached in the House of Representatives. Nevertheless, we still think the local market may stay sideways, while the upside is likely to be capped on the regional indices as traders may adopt a “wait and see” approach.

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