Market Pulse - Minor Profit Taking

Bucking the regional uptrend move, the FBM KLCI harboured a mild loss as banking-propelled rallies ran out of steam on the back of mild profit taking activities. Meanwhile, the Wall Street rebounded higher as the US inflation rate came in within expectation at 7.0% YoY. Hence, with the recent continuous buying from foreign funds into our local exchange, we expect sentiment will remain sturdy and the FBM KLCI should revisit the 1,600 level in the near term.