Market Pulse - Approaching Oversold

The FBM KLCI fell into the negative territory in line with the regional peers as investors remained jittery following the overnight tumble on Wall Street. Given the persistent inflation worries, we believe the selling pressure may prolong on Wall Street, translating to spillover selling activities on the technology sector. On the broader market, we expect bargain hunting activities to emerge in the recovery-themed and plantation sectors ahead of the reporting season.