Market Pulse - 31Jul23 - Consolidation beckons

The FBM KLCI took a step back following a string of positive performance as of late. We reckon that the profit taking activities would be healthy for recent gains to be digested, whilst allowing the key index to come off from the overbought territory. Still, we reckon that any potential downside will be well cushioned by the improved market sentiment. The lower liners are already undergoing a consolidation spell ahead of the quarterly reporting month. Looking ahead, investors will be keeping a close watch on China’s manufacturing data as well as initial estimates of Eurozone’s 2Q23 GDP data. 

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