n This report delineates our 2H22F equity strategy outlook from a Shariah perspective. n Market sentiment could stay weak in 3Q before potentially rebounding in 4Q. n We see potential upside from the return of foreign workers, better-than-expected tourist arrivals, easing inflationary pressures and a resolution to some of the ESG concerns relating to forced labour. n We advise investors to take shelter in sectors with defensive earnings and high dividend yields as well as beneficiaries of rate hike cycle and return of foreign tourists. We offer six investment themes for 2H22F. n We maintain our KLCI target of 1,506 pts and our top Shariah picks are Bank Islam, Mr. DIY and Telekom.