Market Pulse - 2Mar23 - Downward Pressure Persists

The FBM KLCI kicked off March 2023 with losses given the lack-of-fresh-catalyst environment. Regional markets, however, traded in a positive bias tone after stronger-than-expected manufacturing data from China suggesting that the reopening since January is boding well for the economic recovery; while Wall Street stocks headed south as inflation data from Germany indicate that the global interest rate hikes may continue to stay elevated. Despite the global uncertainties, we believe the local bourse may be due for a rebound.