Market Pulse - 6Apr23 - Turning sideways

The FBM KLCI turned sideways and profit taking activities emerged with the negative performance on Wall Street overnight. With further selling pressure seen on the technology sector in the US as the market could be pricing in a recession scenario as the 10-year treasury yield dip further, coupled with the private payrolls that came in below expectations, we believe the selling activities may spillover to stocks on the local front; specifically on the technology stocks.