Market Pulse - 10Mar23 - US Jobs Data In Focus

The FBM KLCI declined further into the negative territory as the Bank Negara Malaysia’s decision to maintain the Overnight Policy Rate were within expectation, while the focus was shifted towards the concerns of bigger rate hikes in the US and weakness in the regional markets; 5-day foreign net selling stood at RM427.3m. Global sentiment shall remain on edge while awaiting key payroll reports from the US later today. Given the negative sentiment abroad, we believe the local stock market may trade cautiously amid intensifying global risk.