Market Pulse - Downward Pressure Unease

The FBM KLCI declined for another session amidst mixed regional markets as banking heavyweights fell after BNM kept its OPR unchanged. Tracking the weakness from Wall Street overnight, we believe investors may still be jittery in the anticipation of an interest rate hike environment as well as the still-spiking Covid-19 cases. Hence, the negative sentiment may spillover to stocks on the local front and profit taking activities on the technology counters may emerge.