Asian stock markets pulled back yesterday, dragged by weakness in semiconductor stocks and a selloff in Japanese equities. The local benchmark FBMKLCI (KLCI) added another 4.85pts or 0.31% to end the day at 1,544.71. Most sectors closed in the black with construction (+0.93%), industrial products (+0.72%) and transportation (+0.41%) leading the gainers. On the flipside, the largest laggard was energy (-0.99%). Technology lost -0.55%, tracking the regional weakness. Other notable decliners were property (-0.36%) and plantation (-0.18%). Trading volume rose to 3.65bn (up from 3.03bn on Friday) but trading value decreased slightly to RM2.71bn (down from RM2.73bn previously). Market breadth turned positive again with 523 gainers beating 465 decliners.

The benchmark continued to edge higher yesterday, forming its third white candle in a row. The KLCI has now inched back to the 1,544-1,550 resistance. Will the bulls kick on from here? Pushing beyond 1,550 may see the index nudge higher to test the 20-month high at 1,559 next. The next resistance is placed at 1,570-1,583. Pulling back below the 20-day EMA would likely indicate that further consolidation is needed. Support is at 1,536 (20-day EMA) followed by the 1,508-1,521 support band thereafter. Our portfolio stays in *risk-on mode* this week.

Gainers: 523
Losers: 465
Unchanged: 474

DOW: 38,769.66 (0.12%)
S&P500: 5,117.94 (-0.11%)
NASDAQ: 16,019.27 (-0.41%)
FTSE100: 7,669.23 (0.12%)
DAX: 17,746.27 (-0.38%)
HSI: 16,587.57 (1.43%)
STI: 3,138.42 (-0.28%)
KLCI: 1,544.71 (0.31%)

USD: 4.6818 (-0.03%)
AUD: 3.0986 (-0.04%)
SGD: 3.5208 (-0.03%)
EUR: 5.1193 (-0.03%)
GBP: 6.0126 (-0.03%)
JPY: 3.1866 (-0.01%)
CNY: 0.6519 (-0.04%)
HKD: 0.5986 (-0.02%)

WTI: 78.06 (0.15%)
Brent: 82.21 (0.16%)
GOLD: 2,182.75 (0.00%)
3rd MONTH FCPO: 4,138.00 (0.17%)
Msia 10 yr bond yield: 3.8110 (-0.24%)
US 10 yr bond yield: 4.0982 (0.57%)
ICE LIBOR USD 3M: 5.5825 (-0.01%)
Bitcoin Futures: 73,510 (4.21%)
Source: Bloomberg

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