Asian stock markets pullback last Friday amid escalated tension in the Middle East. The local benchmark FBMKLCI (KLCI) inched up 2.01pts or 0.13% to end the day at 1,555.25. Week-on-week, the index gained 11.23pts or 0.73%. It was a mixed day for the sectors with the largest gains coming from industrial products (+1.06%), plantation (+0.72%) and telecommunications (+0.56%). Top laggards included energy (-1.35%), utilities (-0.50%) and construction (-0.42%). Trading volume increased to 4.05bn (up from 3.36bn on Thursday) while trading value unchanged at RM2.68bn (vs. RM2.68bn previously). Market breadth turned negative as 483 gainers underperformed 563 decliners.

The benchmark broke out above its month-long triangle consolidation last Friday with a white bullish candle. We eye on more upside as 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: 483
Losers: 563
Unchanged: 493

DOW: 38,904.04 (0.80%)
S&P500: 5,204.34 (1.11%)
NASDAQ: 16,248.52 (1.24%)
FTSE100: 7,911.16 (-0.81%)
DAX: 18,175.04 (-1.24%)
HSI: 16,723.92 (-0.01%)
STI: 3,218.26 (-0.52%)
KLCI: 1,555.25 (0.13%)
​
USD: 4.7475 (0.15%)
AUD: 3.1265 (-0.12%)
SGD: 3.5223 (0.09%)
EUR: 5.1456 (-0.03%)
GBP: 5.9983 (-0.08%)
JPY: 3.1311 (-0.10%)
CNY: 0.6564 (0.16%)
HKD: 0.6064 (0.15%)
​
WTI: 86.91 (0.37%)
Brent: 91.17 (0.57%)
GOLD: 2,329.75 (1.69%)
3rd MONTH FCPO: 4,343.00 (-1.30%)
Msia 10 yr bond yield: 3.8670 (-0.15%)
US 10 yr bond yield: 4.4016 (2.14%)
ICE LIBOR USD 3M: 5.5635 (-0.08%)
Bitcoin Futures: 68,465 (-0.78%)
Source: Bloomberg

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