Selling pressure weighed on Asian stock markets on Wednesday as investors tuned down rate-cut expectations. The local benchmark FBMKLCI (KLCI) erased 10.98pts or 0.71% to end the day at 1,537.01. Top laggards for the day were financial services (-1.20%), property (-0.59%) and technology (-0.22%). On the flip note, energy (+0.95%), construction (+0.68%) and transportation (+0.62%) were the top gainers. Trading volume dropped to 4.27bn (down from 4.53bn on Tuesday) whereas trading value improved to RM2.88bn (up from RM2.82bn previously). Market breadth turned negative as 480 gainers dragged by 592 decliners.

The benchmark formed a black candle yesterday just as expected. The current consolidation (in a triangle pattern) above the 50-day EMA is likely to continue for a while longer, probably for a couple more days. However, do note that our triangle view (sideways) would need to be reviewed if the KLCI falls below 1,528. The 1,550 psychological level remains as the overhead resistance. Once this consolidation ends, we expect the KLCI to break out of its consolidation to test the next resistance 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: 480
Losers: 592
Unchanged: 488

DOW: 39,127.14 (-0.11%)
S&P500: 5,211.49 (0.11%)
NASDAQ: 16,277.46 (0.23%)
FTSE100: 7,937.44 (0.03%)
DAX: 18,367.72 (0.46%)
HSI: 16,725.10 (-1.22%)
STI: 3,222.66 (-0.77%)
KLCI: 1,537.01 (-0.71%)
​
USD: 4.7560 (0.07%)
AUD: 3.0945 (0.05%)
SGD: 3.5171 (0.07%)
EUR: 5.1211 (0.31%)
GBP: 5.9795 (0.10%)
JPY: 3.1375 (0.04%)
CNY: 0.6574 (0.11%)
HKD: 0.6074 (0.05%)
​
WTI: 85.43 (0.33%)
Brent: 89.35 (0.48%)
GOLD: 2,300.00 (0.85%)
3rd MONTH FCPO: 4,407.00 (2.20%)
Msia 10 yr bond yield: 3.8710 (-0.03%)
US 10 yr bond yield: 4.3472 (-0.04%)
ICE LIBOR USD 3M: 5.5697 (0.18%)
Bitcoin Futures: 67,075 (-0.36%)
Source: Bloomberg

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