Most Asian stock markets finished lower on Thursday with Philippines’ PSEi (-1.75%) leading the losses. The local benchmark FBMKLCI (KLCI) erased 3.53pts or 0.22% to end the day at 1,601.22. Top laggards included transportation (-0.69%), plantation (-0.51%) and telecommunications (-0.34%). On the gainers front, property (+0.84%), energy (+0.75%) and REIT (+0.37%) were the best performing sectors. Trading volume fell to 4.65bn (down from 5.40bn on Wednesday) while trading value decreased to RM3.14bn (down from RM3.57bn previously). Market breadth however turned positive as 601 gainers beat 458 losers.

The benchmark formed its second black candle yesterday following another round of profit taking. We had previously mentioned that a close below Wednesday’s low of 1,602.29 may kick start further selling pressure in the near term. 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. IF there are any residual buying strength left, we do not expect the index to rally and take out the strong resistance at 1,620-1,625 anytime soon. Our portfolio stays in *risk-on mode* this week.

Gainers: 601
Losers: 458
Unchanged: 532

DOW: 39,387.76 (0.85%)
S&P500: 5,214.08 (0.51%)
NASDAQ: 16,346.26 (0.27%)
FTSE100: 8,381.35 (0.33%)
DAX: 18,686.60 (1.02%)
HSI: 18,537.81 (1.22%)
STI: 3,265.95 (0.04%)
KLCI: 1,601.22 (-0.22%)
​
USD: 4.7410 (-0.01%)
AUD: 3.1172 (0.05%)
SGD: 3.4952 (-0.06%)
EUR: 5.0873 (-0.21%)
GBP: 5.9198 (-0.06%)
JPY: 3.0509 (0.09%)
CNY: 0.6565 (0.04%)
HKD: 0.6067 (0.03%)
​
WTI: 79.26 (0.34%)
Brent: 83.88 (0.36%)
GOLD: 2,346.33 (1.62%)
3rd MONTH FCPO: 3,831.00 (-0.98%)
Msia 10 yr bond yield: 3.9230 (0.28%)
US 10 yr bond yield: 4.4531 (-0.90%)
ICE LIBOR USD 3M: 5.5872 (0.04%)
Bitcoin Futures: 63,565 (2.81%)
Source: Bloomberg

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