Asian stock markets finished the week lower, its first in five weeks after tech shares retreated. The local benchmark FBMKLCI (KLCI) shed 9.78pts or 0.60% to end the week at 1,619.40. Week-on-week, the index gained 2.78pts or 0.2%. Every sector was succumbed to profit-taking except for technology (+0.50%), construction (+0.20%) and plantation (+0.07). Laggards were led by healthcare (-2.62%), utilities (-1.31%) and transportation (-0.70%). Trading volume decreased to 5.61bn (down from 6.16bn on Thursday) while trading value eased to RM4.58bn (down from RM4.68bn previously). Market breadth switched to negative again as 450 gainers lost out to 845 decliners.

On Friday, the benchmark eased off a tad after hitting a new 3-year high on the day following the Wesak Day break. The KLCI failed to close above the critical 1,620-1,625 resistance. Friday’s close saw the KLCI close marginally below the support trend line drawn from the 1,532 low in mid-April. This breakdown likely warns that the index may be ready to go into consolidation mode next with a close below 1,610 confirming it. As the rally from mid-April was rather strong, it is too early to discount that the bulls have lost the battle here. IF 1,610 can hold up, then look for further retests of the 1,620-1,625 levels next. The next ceiling would be the 1,657-1,660 range, with a minor resistance seen at 1,642-1,646. Our portfolio stays in risk-on mode this week.

Gainers: 450
Losers: 845
Unchanged: 442

DOW: 39,069.59 (0.01%)
S&P500: 5,304.72 (0.70%)
NASDAQ: 16,920.79 (1.10%)
FTSE100: 8,317.59 (-0.26%)
DAX: 18,693.37 (0.01%)
HSI: 18,608.94 (-1.38%)
STI: 3,316.56 (-0.18%)
KLCI: 1,619.40 (-0.60%)
​
USD: 4.7115 (0.16%0
AUD: 3.1155 (-0.24%)
SGD: 3.4889 (0.09%)
EUR: 5.1021 (0.01%)
GBP: 5.9877 (0.04%)
JPY: 3.0021 (0.19%)
CNY: 0.6505 (0.16%)
HKD: 0.6030 (0.12%)
​
WTI: 77.72 (1.11%)
Brent: 82.12 (0.93%)
GOLD: 2,333.83 (-0.03%)
3rd MONTH FCPO: 3,885.00 (-0.23%)
Msia 10 yr bond yield: 3.9010 (0.18%)
US 10 yr bond yield: 4.4650 (-0.26%)
ICE LIBOR USD 3M: 5.5975 (0.09%)
Bitcoin Futures: 70,065 (3.37%)
Source: Bloomberg

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