Most Asian stock markets were closed for Good Friday. The local benchmark FBMKLCI (KLCI) rebounded 5.47pts or 0.36% to end the day at 1,536.07. Week-on-week, the index fell 6.32pts or 0.41%. Sectors were broadly positive for the day barring plantation (-0.15%), consumer products (-0.08%) and REIT (-0.04%). Energy (+0.99%) topped as the best performing sector followed by utilities (+0.85%) and technology (+0.58%). Trading volume decreased to 3.06bn (down from 3.75bn on Wednesday) while trading value dropped to RM2.59bn (down from RM3.10bn previously). Market breadth turned positive as 516 gainers beat 469 decliners.

The benchmark formed an inverted hammer last Friday, which potentially signal a bullish reversal. The support trend line from the 1,518 low as well as the 50-day EMA continued to hold up. We believe that the current sideways trend is part of the benchmark’s base-building phase, forming a nice base above the said 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: 516
Losers: 469
Unchanged: 502

DOW: 39,807.37 (CLOSED)
S&P500: 5,254.35 (CLOSED)
NASDAQ: 16,379.46 (CLOSED)
FTSE100: 7,952.62 (CLOSED)
DAX: 18,492.49 (CLOSED)
HSI: 16,541.42 (CLOSED)
STI: 3,224.01 (CLOSED)
KLCI: 1,536.07 (0.36%)
​
USD: 4.7250 (-0.20%)
AUD: 3.0779 (0.21%)
SGD: 3.5016 (-0.08%)
EUR: 5.0933 (-0.16%)
GBP: 5.9599 (-0.02%)
JPY: 3.1218 (-0.18%)
CNY: 0.6544 (-0.12%)
HKD: 0.6037 (-0.18%)
​
WTI: 83.17 (2.24)
Brent: 87.00 (1.86%)
GOLD: 2,229.87 (1.60%)
3rd MONTH FCPO: 4,194.00 (1.40%)
Msia 10 yr bond yield: 3.8530 (0.08%)
US 10 yr bond yield: 4.2003 (0.00%)
ICE LIBOR USD 3M: 5.5598 (-0.07%)
Bitcoin Futures: 72,360 (0.00%)
Source: Bloomberg

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