Market Pulse - Broader Market Still Upbeat

The FBM KLCI saw another session of pullback amid further profit taking in banking and telecommunication heavyweights. Meanwhile, global sentiment may stay fragile amid concerns over more hawkish stance of the US Federal Reserve’s action to tame inflation. Also, we expect the unresolved tension between Russia and Ukraine could limit the upside potential over the near term. Nevertheless, we expect the reopening of travel borders may continue to benefit the economy, while investors could position themselves ahead of the GE15 (albeit the timeline is still uncertain).