Market Pulse - 24Mar23 - Onto A Short Consolidation

The FBM KLCI saw marginal losses amidst mixed regional markets, stemming from selling pressure in most of the banking heavyweights. In anticipation that rate hiking campaign may be nearing an end, coupled with the US Treasury Secretary Janet Yellen’s reassurance on the safety of Americans’ deposits, the local bourse and regional markets may rise in tandem with Wall Street’s movements. Investors however, may continue to monitor the development of the banking sector in the US as uncertainties remain in place.