Asian stock markets were mostly higher on Monday led by technology stocks. The local benchmark FBMKLCI (KLCI) added another 7.80pts or 0.49% to start the week at 1,597.39. Most sectors ended positively barring energy (-0.43%), plantation (-0.36%), healthcare (-0.13%) and consumer products (-0.01%). The largest gainers were utilities (+1.88%), property (+1.41%), transportation (+1.28%) and technology (+1.14%). Trading volume increased to 4.48bn (up from 3.91bn on Friday) but trading value eased marginally to RM3.12bn (down from RM3.15bn previously). Market breadth stayed positive as 657 gainers beat 447 decliners.

The benchmark gapped up for the second consecutive day to form a 3 white soldiers pattern (bullish pattern). The KLCI is also just shy of hitting the 1,600 psychological levels and we think that the bulls are keen to test this level. Although the benchmark is now overbought, a move into the 1,600-1,607 levels is likely. The next strong resistance is seen at 1,620-1,625. Support is likely found within the 1,582-1,591 levels if a pullback takes place in the near term. The following support is at 1,565. Our portfolio stays in *risk-on mode* this week.

Gainers: 657
Losers: 447
Unchanged: 499

DOW: 38,852.27 (0.46%)
S&P500: 5,180.74 (1.03%)
NASDAQ: 16,349.25 (1.19%)
FTSE100: 8,213.49 (0.00%)
DAX: 18,175.21 (0.96%)
HSI: 18,578.30 (0.55%)
STI: 3,303.19 (0.31%)
KLCI: 1,597.39 (0.49%)
​
USD: 4.7393 (0.02%)
AUD: 3.1405 (0.69%)
SGD: 3.5097 (0.16%)
EUR: 5.1040 (0.26%)
GBP: 5.9617 (0.17%)
JPY: 3.0796 (-0.57%)
CNY: 0.6574 (0.46%)
HKD: 0.6063 (-0.07%)
​
WTI: 78.48 (0.47%)
Brent: 83.33 (0.45%)
GOLD: 2,323.97 (0.97%)
3rd MONTH FCPO: 3,862.00 (0.47%)
Msia 10 yr bond yield: 3.9050 (-0.81%)
US 10 yr bond yield: 4.4874 (-0.45%)
ICE LIBOR USD 3M: 5.5892 (-0.15%)
Bitcoin Futures: 64,305 (1.92%)
Source: Bloomberg

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