Wall Street closed the week lower amid the Federal Reserve stance on more rate hike to combat inflation. Regional indices were in negative territory as investors turned cautious following the sagging corporate earnings and remarks from several Federal Reserve saying interest rate could stay high. As for the local bourse, the FBM KLCI reversed its earlier losses and closed higher to almost the 1,475 mark following the better than expected 2022 gross domestic product (GDP) data. Foreign funds were net sellers with a total net outflow of RM407.8m last week. There were 4 gainers against 24 losers within the FBM KLCI components last week. Meanwhile, the Brent crude oil settled the week 8% higher to above USD86/barrel as Russia's plans to cut crude supplies.

Source: Rakuten Research - 13 Feb 2023

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