Market Pulse - 30Sep22 - Breaking Below 1,400

The FBM KLCI declined below the key 1,400 level as increasing concerns over global recession permeated the local bourse. As Wall Street wiped out its gains from the previous session, we reckon that the local sentiment may remain fragile as investors will adopt a wait-and-see approach amid the rising macroeconomic pressure. Nevertheless, we expect mild buying support on index heavyweights for 3Q window dressing activities and the key index may be supported above 1,400.