Market Pulse - 25May23 - Weakness Prevails

The FBM KLCI sank for the third straight session amidst broad-based selloff, dragged by persisted selling momentum in selected banking, plantation, and health care heavyweights. The longer-than-expected negotiation on the deal to raise the US debt ceiling may continue to stoke worries on both the local and regional markets. Nevertheless, bargain hunting activities may emerge on counters with brighter outlook amid local earnings season.