Market Pulse - 23Aug22 - Selling Pressure Re-emerged

Global uncertainties arising from fears over additional interest rate hikes from the US Fed have sent the FBM KLCI below the 1,500 zone. Global sentiment should remain negative as investors braced for the US Fed Chairman’s speech in the Jackson Hole meeting which could signal further aggressive stance in taming the inflation. Nevertheless, we expect buying interest to emerge on stocks with solid results amid the ongoing reporting season on the local bourse.