Market Pulse - Dour Trend Persisted

The FBM KLCI declined marginally into the negative territory as cautious sentiment persisted on the local bourse. Nevertheless, we expect to see bargain hunting activities across the sectors given the strong rebound on Wall Street overnight. We believe crude oil price to remain elevated for the near term on the back of reduced Russian output and larger-than-expected drawdown in the US inventories, thus inflationary pressure may not abate anytime soon.