Most Asian stock markets recovered on Thursday led by Korea’s KOSPI (+1.29%). The local benchmark FBMKLCI (KLCI) rebounded 16.23pts or 1.06% to end the day at 1,553.24. All sectors closed in positive territory except for technology (-0.32%) which was the only laggard for the day. The broader market was lifted by industrial products (+1.78%), energy (+1.52%) and plantation (+1.30%). Trading volume fell further to 3.36bn (down from 4.27bn on Wednesday) while trading value tapered off to RM2.68bn (down from RM2.88bn previously). Market breadth turned positive once again as 656 gainers outweighed 351 decliners.

The bulls fought back and won, forming a long white candle yesterday. The benchmark rose and touched the resistance of its triangle consolidation pattern. A successful breakout of this consolidation may send the index to above 1,559 first, potentially pushing higher to test the next resistance at 1,570-1,583. Support is seen at 1,537, the most recent swing low followed by 1,528 and the critical support at 1,508-1,521. Our portfolio stays in *risk-on mode* this week.

Gainers: 656
Losers: 351
Unchanged: 476

DOW: 38,596.98 (-1.35%)
S&P500: 5,147.21 (-1.23%)
NASDAQ: 16,049.08 (-1.40%)
FTSE100: 7,975.89 (0.48%)
DAX: 18,403.13 (0.19%)
HSI: 16,725.10 (CLOSED)
STI: 3,235.01 (0.38%)
KLCI: 1,553.24 (1.06%)
​
USD: 4.7402 (-0.33%)
AUD: 3.1302 (1.15%)
SGD: 3.5190 (0.05%)
EUR: 5.1472 (0.51%)
GBP: 6.0033 (0.40%)
JPY: 3.1341 (-0.11%)
CNY: 0.6553 (-0.31%)
HKD: 0.6055 (-0.31%)
​
WTI: 86.59 (1.36%)
Brent: 90.65 (1.45%)
GOLD: 2,290.94 (-0.39%)
3rd MONTH FCPO: 4,400.00 (-0.16%)
Msia 10 yr bond yield: 3.8730 (0.05%)
US 10 yr bond yield: 4.3094 (-0.87%)
ICE LIBOR USD 3M: 5.5697 (-0.03%)
Bitcoin Futures: 69,005 (2.88%)
Source: Bloomberg

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