Market Pulse - Downward Pressure Resume

The FBM KLCI plummeted as selling pressure in consumer and plantation heavyweights weighed on the key index. Traders should watch closely on the Brent crude oil amid sliding commodity markets as market could be pricing in recession worries and the Brent oil is trading around the USD100 psychological level. While we think the local bourse is set for bargain hunting activities following mildly higher movement from Wall Street, we opine that the upside could be capped amid the falling commodities environment.