Asian stock markets finished mixed on Tuesday amid BOJ interest rate hike. The local benchmark FBMKLCI (KLCI) fell 8.68pts or 0.56% to end the day at 1,544.96. The broader market was dragged by utilities (-0.58%), telecommunications (-0.48%) and financial services (-0.33%). Top gainers were property (+1.03%), healthcare (+0.50%) and REIT (+0.27%). Trading volume dropped to 4.06bn (down from 4.24bn on Monday) whereas trading value improved to RM3.09bn (up from RM2.79bn previously). Market breadth stayed positive seven days in a row with 510 gainers marginally outperforming 502 decliners.

The benchmark pulled back with a black candle yesterday, extending its pennant consolidation. The index may continue to trade in a sideways manner until the breakout happens. Pennant consolidation usually translates to a bullish continuation on a breakout, which may send the bulls up to retest the 20-month high at 1,559 and beyond. The longer-term resistance is placed at 1,570-1,583. The 1,525-1,531 level acts as the minor support, followed by the 1,508-1,521 band. Our portfolio stays in *risk-on mode* this week.

Gainers: 510
Losers: 502
Unchanged: 486

DOW: 39,110.76 (0.83%)
S&P500: 5,178.51 (0.56%)
NASDAQ: 16,166.79 (0.39%)
FTSE100: 7,738.30 (0.20%)
DAX: 17,987.49 (0.31%)
HSI: 16,529.48 (-1.24%)
STI: 3,173.55 (0.05%)
KLCI: 1,544.96 (-0.56%)
​
USD: 4.7370 (0.40%)
AUD: 3.0821 (-0.55%)
SGD: 3.5265 (0.00%)
EUR: 5.1333 (-0.18%)
GBP: 6.0025 (-0.10%)
JPY: 3.1393 (-0.78%)
CNY: 0.6580 (0.39%)
HKD: 0.6055 (0.35%)
​
WTI: 83.47 (0.91%)
Brent: 87.38 (0.56%)
GOLD: 2,157.59 (-0.13%)
3rd MONTH FCPO: 4,201.00 (-0.83%)
Msia 10 yr bond yield: 3.8850 (0.62%)
US 10 yr bond yield: 4.2925 (-0.73%)
ICE LIBOR USD 3M: 5.5941 (0.05%)
Bitcoin Futures: 65,260 (-3.84%)
Source: Bloomberg

*20th Mar 2024*

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