Asian stock markets started the week mixed after long Easter weekend with Indonesia’s JCI (-1.15%) and Japan’s Nikkei 225 (-1.40%) topping the decliners’ list. The local benchmark FBMKLCI (KLCI) climbed another 7.95pts or 0.52% to end the day at 1,544.02. Sectors stayed mostly positive, in line with the benchmark KLCI. Utilities (+0.89%), consumer products (+0.72%) and transportation (+0.52%) led the gainers while on the flipside, the laggards were construction (-0.81%), property (-0.15%) and telecommunications (-0.11%). Trading volume increased to 3.18bn (up from 3.06bn on Friday) but trading value dropped to RM2.13bn (down from RM2.59bn previously). Market breadth stayed positive as 577 gainers beat 465 decliners.

The benchmark pulled further away from the last week’s low of 1,528, continuing on its sideways consolidation from the 1,559 highs. As long as stays above the 50-day EMA, we expect the current base-building phase to stay intact before the next wave up takes place. Near-term, the bulls may attempt to test the 1,545-1,550 immediate resistance before pushing on to tackle the 20-month high at 1,559 and beyond. The longer-term resistance is placed at 1,570-1,583. Support is seen at 1,525-1,531 followed by the critical support at 1,508-1,521. Our portfolio stays in *risk-on mode* this week.

Gainers: 577
Losers: 465
Unchanged: 445

DOW: 39,566.85 (-0.60%)
S&P500: 5,243.77 (-0.20%)
NASDAQ: 16,396.83 (0.11%)
FTSE100: 7,952.62 (CLOSED)
DAX: 18,492.49 (CLOSED)
HSI: 16,541.42 (CLOSED)
STI: 3,224.89 (0.34%)
KLCI: 1,544.02 (0.52%)
​
USD: 4.7305 (0.12%)
AUD: 3.0852 (0.24%)
SGD: 3.5071 (0.16%)
EUR: 5.1024 (0.18%)
GBP: 5.9702 (0.17%)
JPY: 3.1201 (-0.05%)
CNY: 0.6542 (-0.02%)
HKD: 0.6045 (0.13%)
​
WTI: 83.71 (0.65%)
Brent: 87.42 (0.48%)
GOLD: 2,251.44 (0.97%)
3rd MONTH FCPO: 4,267.00 (1.74%)
Msia 10 yr bond yield: 4.6420 (20.48%)
US 10 yr bond yield: 4.3092 (2.59%)
ICE LIBOR USD 3M: 5.5598 (0.00%)
Bitcoin Futures: 71,205 (-1.60%)
Source: Bloomberg

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