Market Pulse - Slightly Above 1,600 On Early Festive Cheer

The FBM KLCI surpassed the 1,600 level prior to the long weekend as investors took cue from the positive performance on Wall Street. As the US Federal Chair eased the concern over a more aggressive rate hikes outlook, we foresee the big surge on Wall Street overnight may spill over to the stocks on the local front. Despite the worries of the Covid-19 lockdown in China would slowdown the economic growth, we believe the elevated commodity prices may provide support for the respective sector at least for the upcoming reporting season.