Market Pulse - 21Sep22 - Pullback Took A Pause

The FBM KLCI staged a rebound from last week’s selldown as investors snapped up selected banking heavyweights. Nevertheless, we believe the widespread rout on Wall Street overnight over the aggressive rate hikes concerns will spill over to the regional markets and the local bourse. Meanwhile, foreign funds remained in a selling undertone (5-day net foreign selling: RM261.4m).