Market Pulse - Drifting Towards 1,500

The FBM KLCI slumped for the sixth straight session amid regional weakness, marking its longest losing streak since January 2022. Despite the stronger retail sales recorded in April 2022 coupled with the improved unemployment rate which dipped below 4.0%, investors may stay cautious given the heavy selling pressure on Wall Street and European stock exchanges as ECB increased its interest rate by 50 bps, translating to further volatility on local exchange over the near term.