Asian stock markets finished mixed on Thursday as some profit takings activities took place ahead of Good Friday holiday. The local benchmark FBMKLCI (KLCI) dipped 7.82pts or 0.51% to end the day at 1,530.60. The broader market was dragged by plantation (-0.63%), healthcare (-0.62%) and telecommunications (-0.59%). The top gainers were energy (+0.51%), construction (+0.27%) and property (+0.13%). Trading volume dropped to 3.75bn (down from 3.83bn on Tuesday) but trading value increased to RM3.10bn (up from RM3.04bn previously). Market breadth turned negative as 422 gainers weighed down by 645 decliners.

The benchmark formed a black candle on Wednesday and tested the support trend line from the 1,518 low. Deeper consolidation continues but we believe that the current sideways trend is part of the benchmark’s base-building phase, forming a nice base above 50-day EMA. The consolidation is likely to continue for a while longer with support seen at 1,525-1,531 followed by the critical support at 1,508-1,521. On the upside, 1,545-1,550 is the immediate resistance before KLCI attempts to tackle 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: 422
Losers: 645
Unchanged: 450

DOW: 39,807.37 (0.12%)
S&P500: 5,254.35 (0.11%)
NASDAQ: 16,379.46 (-0.12%)
FTSE100: 7,952.62 (0.26%)
DAX: 18,492.49 (0.08%)
HSI: 16,541.42 (0.91%)
STI: 3,224.01 (-0.85%)
KLCI: 1,530.60 (CLOSED)
​
USD: 4.7345 (CLOSED)
AUD: 3.0716 (-0.56%)
SGD: 3.5044 (-0.24%)
EUR: 5.1013 (-0.47%)
GBP: 5.9612 (-0.26%)
JPY: 3.1273 (-0.09%)
CNY: 0.6551 (-0.02%)
HKD: 0.6048 (-0.05%)
​
WTI: 83.17 (2.24%)
Brent: 87.00 (1.86%)
GOLD: 2,229.87 (1.60%)
3rd MONTH FCPO: 4,136.00 (-2.36%)
Msia 10 yr bond yield: 3.8500 (0.00%)
US 10 yr bond yield: 4.2003 (0.24%)
ICE LIBOR USD 3M: 5.5635 (0.00%)
Bitcoin Futures: 72,360 (2.61%)
Source: Bloomberg

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