Market Pulse - Swift Recovery Near 1,600

The FBM KLCI bounced back towards near the key 1,600 level in tandem with the positive regional markets on the back of bargain hunting activities. On Wall Street, investors piled into the technology stocks following solid earnings from major technology stocks, shrugging off concerns over interest rate hikes and weaker 1Q22 US GDP data. We expect the bargain hunting activities in the US could spill over to local technology stocks. Also, we expect digital banking license to be announced in the near term.