The FBM KLCI extended gains to close marginally above the psychological 1,500 level on Friday, tracking the improved sentiment across regional markets last week. However, the local bourse may be headed for a widespread selloff, following a sharp decline on Wall Street overnight after the US Fed’s Chair reiterated its hawkish tone to tame inflation. We believe the US Fed’s interest rate decision going forward will continue to fuel market volatility. On the local front, investors may watch for Malaysia’s inflation rate at noon.
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