Every dark cloud has a silver lining

■ We expect 2022 to be a more challenging year for the market due to potential headwinds in the form of policy, corporate earnings and political risks.
■ However, downside could be capped by stronger economic growth, additional liquidity available for large institutional funds and undemanding valuations.
■ We lower our end-2022F KLCI target to 1,612 points and maintain Hong Leong Bank, Inari and QL Resources as our top three stock picks.