Market Pulse - 3Mar23 - Relief Rebound

The FBM KLCI shook off early losses and rebounded from the 1,450 immediate support level, as bargain hunting activities kicked in. Given the Wall Street accelerated into the green territory overnight as one of the Federal Reserve official’s remarks were more dovish on interest rate direction, we believe the relief rally could spill over to the local bourse. Nevertheless, we believe the upside of the market may be limited until the conclusion of the FOMC meeting this month.