Market Pulse - Drifting Away From 1,600

The FBM KCLI extended its sideways consolidation phase below the 1,600 level on the back of industrial products heavyweights-led selldown following the overnight selling activities on Wall Street. While global uncertainties may still loom, the recovery-themed sector on the local bourse may gain traction as further relaxation of Covid-19 SOPs effective 1st May 2022 could signal a greater extent of economic recovery.