Selling pressure was seen across Asian stock markets on Tuesday against the backdrop of the strengthening US Dollar. The local benchmark FBMKLCI (KLCI) fell another 7.53pts or 0.49% to end the day at 1,535.00. All sectors remained in the negative territory led by construction (-2.69%), property (-2.46%) and energy (-1.71%). Trading volume jumped to 4.93bn (up from 4.28bn on Monday) while trading value rose to RM3.72bn (up from RM3.25bn previously). Market breadth stayed negative as 173 gainers were hammered by 1,139 decliners.

The benchmark gapped down once again yesterday, sitting right above the 50-day EMA. The current break below the 1,537 support may warn that a deeper pullback or a longer-term sideways consolidation is taking place right now. After 4 consecutive days of selling and an extremely bearish advance/decline ratio, the index is likely due for a rebound today, supported by the trend line from the 1,518 low and the 50-day EMA. Other support levels are at 1,528 and 1,508-1,521 thereafter. Any bargain hunting may be capped at the 1,544 level (20-day EMA). The bulls must close 2 down gaps in order to retest the 1,559 high followed by 1,570-1,583 next. Our portfolio stays in *risk-on mode* this week.

Gainers: 173
Losers: 1139
Unchanged: 331

DOW: 37,798.97 (0.17%)
S&P500: 5,051.41 (-0.21%)
NASDAQ: 15,865.25 (-0.21%)
FTSE100: 7,820.36 (-1.82%)
DAX: 17,766.23 (-1.44%)
HSI: 16,248.97 (-2.12%)
STI: 3,144.76 (-1.22%)
KLCI: 1,535.00 (-0.49%)

USD: 4.7957 (0.33%)
AUD: 3.0781 (-0.66%)
SGD: 3.5146 (0.04%)
EUR: 5.0977 (0.09%)
GBP: 5.9714 (0.06%)
JPY: 3.0998 (0.01%)
CNY: 0.6625 (0.32%)
HKD: 0.6123 (0.28%)

WTI: 85.36 (-0.06%)
Brent: 90.02 (-0.09%)
GOLD: 2,382.89 (-0.02%)
3rd MONTH FCPO: 4,074.00 (-1.62%)
Msia 10 yr bond yield: 3.9540 (1.00%)
US 10 yr bond yield: 4.6674 (1.43%)
ICE LIBOR USD 3M: 5.5787 (-0.19%)
Bitcoin Futures: 63,685 (-0.33%)
Source: Bloomberg

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