Market Pulse - 2Jun23 - Negative Momentum Persisted

The FBM KLCI remained under pressure amid persistent cautious sentiment without significant fresh catalyst. Nevertheless, following the passing of US debt ceiling bill and the subsequent rebound on Wall Street, bargain hunting activities may emerge on the local bourse. Still, cautiousness may prevail with the spotlight turning towards the release of US jobs data that may dictate the interest rate direction, Investors may prefer stocks with defensive characteristics towards the end of earnings season.