Most Asian stock markets continued to rally on Tuesday led by Korea’s KOSPI (+2.16%). The local benchmark FBMKLCI (KLCI) surged 8.29pts or 0.52% to end the day at 1,605.68. Top gainers were seen in utilities (+1.88%), property (+1.58%) and transportation (+1.46%). The only laggard for the day was construction (-0.20%). Trading volume jumped to 5.42bn (up from 4.48bn on Monday) while trading value improved to RM3.79bn (up from RM3.12bn previously). Market breadth stayed positive three days in a row as 684 gainers outperformed 455 decliners.

The benchmark gapped up for the third consecutive day and surpassed the 1,600 psychological levels yesterday with its fourth white candle. The next strong resistance is seen at 1,620-1,625 and the market may attempt to give it a go today but we believe that the said resistance band is a tad too far for now. Profit-taking activities may start to show up in batches soon. Support is likely found within the 1,582-1,591 levels if a pullback takes place in the near term. The following support is at 1,565. Our portfolio stays in *risk-on mode* this week.

Gainers: 684
Losers: 455
Unchanged: 498

DOW: 38,884.26 (0.08%)
S&P500: 5,187.70 (0.13%)
NASDAQ: 16,332.56 (-0.10%)
FTSE100: 8,313.67 (1.22%)
DAX: 18,430.05 (1.40%)
HSI: 18,479.37 (-0.53%)
STI: 3,300.04 (-0.10%)
KLCI: 1,605.68 (0.52%)

USD: 4.7387 (-0.01%)
AUD: 3.1250 (-0.49%)
SGD: 3.5002 (-0.27%)
EUR: 5.0987 (-0.10%)
GBP: 5.9412 (-0.34%)
JPY: 3.0639 (-0.51%)
CNY: 0.6564 (-0.15%)
HKD: 0.6059 (-0.07%)

WTI: 78.38 (-0.13%)
Brent: 83.16 (-0.20%)
GOLD: 2,314.10 (-0.42%)
3rd MONTH FCPO: 3,930.00 (1.76%)
Msia 10 yr bond yield: 3.9050 (0.00%)
US 10 yr bond yield: 4.4570 (-0.68%)
ICE LIBOR USD 3M: 5.5892 (0.00%)
Bitcoin Futures: 63,745 (-0.87%)
Source: Bloomberg

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