Market Pulse - Dipping Below 1,500

The FBM KLCI posted steep losses last Friday amid regional pullback except for China stock markets; net foreign selling in the past 5 sessions stood at RM446.2m. Global stock market undertone could remain negative as the blistering inflation in the US may fan investors’ worries on further interest rate hikes and more quantitative tightening going forward. We believe the global weakness will spill over to the local front with limited bargain hunting activities as investors trade cautiously ahead of US Fed’s and UK Bank of England’s interest rate decision this week.