Market Pulse - 28Feb23 - Muted Response From Budget 2023

The FBM KLCI inched lower after hovering mostly in the red, with selling pressure seen in other sectors outweighing gains in the banking heavyweights. The rebound attempt on Wall Street overnight may trigger the regional markets to recover some grounds. Meanwhile, investors are awaiting the consumer confidence data and Chicago PMI to gauge the US Fed’s tone in interest rate direction. We reckon cautious sentiment will prevail on the local front with foreign investors turning net sellers, but bargain hunting may be noticed.