Most Asian stocks market rebounded on Friday after strong corporate earnings from tech giants (Microsoft and Alphabet) in the US. The local benchmark FBMKLCI (KLCI) rose 5.91pts or 0.38% to end the day at 1,575.16. Week-on-week, the index jumped 27.59pts or 1.78%. Most sectors rallied on Friday except for financial services (-0.35%) and plantation (-0.31%). Outperformers were seen in utilities (+1.84%), transportation (+0.74%) and technology (+0.69%). Trading volume advanced to 4.11bn (up from 3.96bn on Thursday) while trading value improved to RM3.25bn (up from RM2.83bn previously). Market breadth turned positive as 621 gainers outweighed 466 decliners.

The bulls resumed strength and sent the benchmark to close at its new 23-month high on Friday. We expect the topside is likely capped by 1,570-1,583 in the coming days given the strong rally over the past weeks or so. Potential pullback could be just around the corner. On the downside, expect some support to come in near the 1,552-1,559 levels followed by the rising 50-day EMA (1,540 currently). Our portfolio stays in *risk-on mode* this week.

Gainers: 621
Losers: 466
Unchanged: 470

DOW: 38,239.66 (0.40%)
S&P500: 5,099.96 (1.02%)
NASDAQ: 15,927.90 (2.03%)
FTSE100: 8,139.83 (0.75%)
DAX: 18,161.01 (1.36%)
HSI: 17,651.15 (2.12%)
STI: 3,280.10 (-0.23%)
KLCI: 1,575.16 (0.38%)
​
USD: 4.7680 (-0.17%)
AUD: 3.1174 (-0.01%)
SGD: 3.5044 (-0.25%)
EUR: 5.1189 (-0.08%)
GBP: 5.9679 (-0.15%)
JPY: 3.0131 (-1.85%)
CNY: 0.6580 (-0.26%)
HKD: 0.6091 (-0.16%)
​
WTI: 83.85 (0.34%)
Brent: 89.50 (0.55%)
GOLD: 2,337.96 (0.24%)
3rd MONTH FCPO: 3,896.00 (0.57%)
Msia 10 yr bond yield: 4.0030 (0.40%)
US 10 yr bond yield: 4.6630 (-0.87%)
ICE LIBOR USD 3M: 5.5911 (0.09%)
Bitcoin Futures: 64,300 (-1.58%)
Source: Bloomberg

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