Market Pulse - 8Mar23 - Recovery Still Premature

The FBM KLCI bounced higher as banking and commodities related stocks gained momentum. On the global front, worries over interest rate hikes resurfaced following the hawkish remarks from the US Fed Chair Jerome Powell. Closer to home, investors may turn their focus towards more defensive sectors amid intensifying volatility in the market, while eyeing the Bank Negara Malaysia’s interest rate decision tomorrow.