Market Pulse - Sentiment Turns Jittery

The FBM KLCI slid below the key 1,600 level in mid-day as weakness in banking and telecommunication heavyweights weighed on the key index. We believe the market could be pricing in softer economy growth globally as China is still having lockdowns on and off in various regions. Given the violent selloff on Wall Street overnight, we believe the technology sector may continue to struggle. Nevertheless, the elevated commodity prices should continue to support the relevant sectors such as energy and plantation.