Asian stocks gained for the fifth straight week, lifted by gains in China and Japan. The local benchmark FBMKLCI (KLCI) added 3.62pts or 0.23% to end the week at 1,549.11. Week-on-week, the KLCI closed 15.56pts or 1.01% higher. Most sectors closed in the red despite the KLCI ending higher the day higher. Utilities (+3.14%), property (+0.40%) and REIT (+0.39%) were among the top gainers. On the flip side, the largest laggard was health care (-1.43%), plantation (-1.16%) and telecommunications (-1.05%). Trading volume rose to 4.07bn (up from 3.71bn on Thursday) while trading value climbed to RM3.21bn (up from RM2.58bn previously). Market breadth turned negative again as 613 decliners beat 448 winners.

The benchmark formed an inside day on Friday, rebounding a tad coming off a couple of days of consolidation from mid-week. As we mentioned earlier, the pullback is likely to be temporary only. IF the current rebound is the start of the next wave up, then the KLCI needs to continue to work its way higher in early week. The index is likely to climb closer towards 1,570-1,583 next. IF there is no follow-through buying in early week, then look for the current consolidation to continue for another few more days before the uptrend resumes. The immediate support is now at 1,534-1,538 followed by the rising trend line (currently at 1,532). Closing below the rising trend line may signal that a deeper correction may be taking place. Our portfolio stays in risk-on mode this week.

Gainers: 448
Losers: 613
Unchanged: 458

DOW: 39,131.53 (0.16%)
S&P500: 5,088.80 (0.03%)
NASDAQ: 15,996.82 (-0.28%)
FTSE100: 7,706.28 (0.28%)
DAX: 17,419.33 (0.28%)
HSI: 16,725.86 (-0.10%)
STI: 3,184.91 (-1.18%)
KLCI: 1,549.11 (0.23%)

USD: 4.7773 (0.04%)
AUD: 3.1308 (-0.40%)
SGD: 3.5507 (-0.30%)
EUR: 5.1678 (-0.29%)
GBP: 6.0463 (-0.11%0
JPY: 3.1739 (0.03%)
CNY: 0.6637 (-0.03%)
HKD: 0.6106 (0.02%)

WTI: 76.49 (-2.70%)
Brent: 81.62 (-2.11%)
GOLD: 2,035.40 (0.54%)
3rd MONTH FCPO: 3,853.00 (0.36%)
Msia 10 yr bond yield: 3.8950 (0.93%)
US 10 yr bond yield: 4.2480 (-1.68%)
ICE LIBOR USD 3M: 5.5854 (0.03%)
Bitcoin Futures: 51,750 (-1.83%)
Source: Bloomberg