Market Pulse - Profit Taking Tone Setting In

The FBM KLCI slipped after four straight session gains as investors braced for a possible US interest rate hike. Also, as the 2Q22 US GDP data will be released on the 28th of July, investors should prepare for more volatility over the near term, as recession fears may return as the US economy contracted in 1Q. Hence, stocks with defensive characteristics may be in focus.