Market Pulse - Rebound May Be Short-lived

The FBM KLCI swung higher as returned buying interest was noticed in banking and plantation heavyweights in the anticipation of the reopening of borders and firmer FCPO price. With the Wall Street taking a pause after a recent strong rebound, we expect the profit taking activities may spill over to the local front, especially the technology stocks. We think investors may stay cautious in the anticipation of further sanction against Russia, which may lift commodity prices another round.