Market Pulse - 20Jan23 - Heading Towards 1,500

The FBM KLCI eked out marginal gains following the decision by Bank Negara Malaysia to maintain the overnight policy rate (OPR) at 2.75%. Nevertheless, we expect the sideways trend on the local bourse may turn into a negative biased environment prior to the Lunar New Year holiday after Wall Street extended its slide amid increasing concerns on softer economic activities going forward and the expectation of the Fed’s tone to remain hawkish.