Bursa Malaysia retraces higher despite gloomy backdrop

TheStar Thu, Jun 23, 2022 09:21am - 1 year View Original


KUALA LUMPUR: The domestic market rebounded on the heels of the previous day's sharp losses as investors calmed following the US Federal Reserve chairman's remarks, which reiterated the central bank's commitment to bringing down inflation.

Despite the bounce, however, analysts believe the hawkish comments, coupled with Powell's acknowledgement there is a possibility the rate hikes will push the economy into a recession, will only reinforce the downside in equities.

"We believe the sentiment will remain negative-bias as investors mulled the US Fed Chairman’s testimony on the commitment in interest rate hikes to tame inflation, while eyeing Malaysia’s and Japan’s inflation rate tomorrow.

"Nevertheless, the oversold stocks may still look attractive for bargain hunting activities," said Malacca Securities Research in a note.

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