Asian equities rose, reversing an earlier fall, driven by a recovery in Chinese and Hong Kong shares. Gains in Japan also helped sentiment. The local benchmark FBMKLCI (KLCI) rallied 11.20pts or 0.72% to end the day at 1,558.80. Sector-wise, the majority turned in a positive day with utilities (+1.76%), construction (+1.15%) and consumer products (+0.53%) leading the gainers table. Transportation (-0.76%), energy (-0.51%) and healthcare (-0.44%) topped the laggards list. Trading volume inched up slightly to 3.88bn (up from 3.74bn on Monday) but trading value eased a tad to RM3.09bn (down from RM3.12bn previously). Market breadth remained negative for a third day in a row as 570 decliners beat 548 winners.

The benchmark formed a long white candle to record a new 20-month high yesterday after trading sideways for the past four trading days. The bulls appear refreshed and ready to take on another battle. The index is likely to climb closer towards 1,570-1,583 next. The immediate support is now at 1,534-1,538 (which includes the rising trend line, currently at 1,538). 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: 548
Losers: 570
Unchanged: 410

DOW: 38,972.41 (-0.25%)
S&P500: 5,078.18 (0.17%)
NASDAQ: 16,035.30 (0.37%)
FTSE100: 7,683.02 (-0.02%)
DAX: 17,556.49 (0.76%)
HSI: 16,790.80 (0.94%)
STI: 3,157.32 (-0.44%)
KLCI: 1,558.80 (0.72%)

USD: 4.7610 (-0.34%)
AUD: 3.1201 (-0.23%)
SGD: 3.5441 (-0.28%)
EUR: 5.1671 (-0.22%)
GBP: 6.0415 (-0.26%)
JPY: 3.1634 (-0.23%)
CNY: 0.6615 (-0.35%)
HKD: 0.6085 (-0.34%)

WTI: 78.87 (1.66%)
Brent: 83.28 (0.86%)
GOLD: 2,030.48 (-0.04%)
3rd MONTH FCPO: 3,922.00 (1.60%)
Msia 10 yr bond yield: 3.8730 (0.18%)
US 10 yr bond yield: 4.3032 (0.55%)
ICE LIBOR USD 3M: 5.5994 (0.13%)
Bitcoin Futures: 57,620 (4.21%)
Source: Bloomberg