Market Pulse - 21Mar23 - Restoring Confidence In The Banking Sector

The FBM KLCI witnessed an intense selloff along with the regional peers as investors remained cautious over the banking turmoil in the US and Switzerland. However, we saw the sentiment improved on Wall Street following the rescue deal for Credit Suisse, while investors may shift their focus to the US Fed’s interest rate decision tomorrow (US time). We believe the local bourse will remain sideways until more clues are given after the conclusion of the FOMC meeting.