Downside risks still prevail on the global markets given the (i) hawkish tone by the US Fed, (ii) ongoing tension between Ukraine-Russia and (iii) recession fear. However, there are some bright spots in the Malaysia’s market with the upcoming (i) Budget 2023, (ii) around-the-corner GE15 and (iii) rebounding Malaysia GDP. Thus, we like potential budget beneficiary sectors like solar, construction and telco. Meanwhile, for the export oriented segments we favour plastic, selected technology, medical and chemical. For domestic related sector, we may focus on automotive and furniture.