Market Pulse - 7Jul23 - Further pullback in store

The FBM KLCI failed to gain momentum despite Bank Negara Malaysia keeping the OPR unchanged at 3.0%. We reckon that the downward bias trading tone may linger over the foreseeable future as investors may keep their hands off until further clarity after the 6 states election on 12th of August. Also, the resumption of selling activities from foreign funds and the weakness in ringgit against major currencies continues to dampen the trading interest. On the global front, we reckon that the emergence of profit taking activities with sentiment turning weaker may see negative performances permeating towards the local markets. 

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