Market Pulse - 9Mar23 - All Eyes Onto Bank Negara OPR Decision

The FBM KLCI surrendered yesterday’s gains in line with the regional markets’ movements as investors digested the hawkish comments from the US Fed Chair during the congressional testimony. On Wall Street, we believe it might consolidate over the near term ahead of the CPI data that will be released next week, as this might dictate the interest rate direction going forward. The local bourse may remain sideways amid growing selling pressure from the foreign funds, while awaiting the OPR decision by BNM today.