Most Asian stock markets rallied on Thursday as investors cheered on the Fed’s dovish comments about the US interest-rates cut(s). The local benchmark FBMKLCI (KLCI) rebounded 5.62pts or 0.37% to end the day at 1,541.41. The broader market was lifted by property (+1.49%), construction (+1.31%) and technology (+1.01%). The only laggards for the day were healthcare (-0.57%), REIT (-0.33%), energy (-0.22%) and telecommunications (-0.11%). Trading volume climbed to 4.02bn (up from 3.82bn on Wednesday) while trading value improved to RM2.94bn (up from RM2.66bn previously). Market breadth turned positive as 631 gainers beat 451 decliners.

The benchmark formed an inside bar yesterday, testing the resistance line from the 1,518 low. The index is on course to extend its current sideways consolidation. The 1,525-1,531 level acts as the minor support, followed by the 1,508-1,521 band. On the upside, 1,545 acts as the immediate resistance before KLCI moves to retest the 20-month high at 1,559 and beyond. The longer-term resistance is placed at 1,570-1,583. Our portfolio stays in *risk-on mode* this week.

Gainers: 631
Losers: 451
Unchanged: 466

DOW: 39,781.37 (0.68%)
S&P500: 5,241.53 (0.32%)
NASDAQ: 16,401.84 (0.20%)
FTSE100: 7,882.55 (1.88%)
DAX: 18,179.25 (0.91%)
HSI: 16,863.10 (1.93%)
STI: 3,220.37 (1.35%)
KLCI: 1,541.41 (0.37%)
​
USD: 4.7155 (-0.45%)
AUD: 3.1167 (1.00%)
SGD: 3.5217 (-0.03%)
EUR: 5.1461 (0.23%)
GBP: 6.0224 (0.17%)
JPY: 3.1104 (-0.73%)
CNY: 0.6550 (-0.45%)
HKD: 0.6029 (-0.43%)
​
WTI: 81.07 (-0.75%)
Brent: 85.78 (-0.20%)
GOLD: 2,181.33 (-0.23%)
3rd MONTH FCPO: 4,249.00 (-0.54%)
Msia 10 yr bond yield: 3.8530 (-0.59%)
US 10 yr bond yield: 4.2669 (-0.14%)
ICE LIBOR USD 3M: 5.5901 (-0.08%)
Bitcoin Futures: 66,130 (-0.84%)
Source: Bloomberg

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