Asian stock markets extended their losses on Wednesday led by Hong Kong’s HSI (-1.83%). The local benchmark FBMKLCI (KLCI) lost 10.47pts or 0.65% to end the day at 1,605.35. The broader market was weighed down by healthcare (-1.42%), plantation (-1.40%) and property (-1.38%). On a positive note, utilities (+1.09%), technology (+0.48%) and energy (+0.15%) were the top gainers. Trading volume dipped to 4.74bn (down from 4.87bn on Tuesday) while trading value decreased to RM3.69bn (down from RM3.80bn previously). Market breadth stayed negative four days in a row as 401 gainers underperformed 835 decliners.

The benchmark gapped down yesterday and is currently sitting right on the 20-day EMA after forming its fourth consecutive black candle. We had previously mentioned a close below 1,610 will confirm that a deeper correction may be needed. 1,590-1,600 is the immediate support followed by 1,575. If there are any bargain hunting activities, the bulls are likely to find the resistance cluster of the critical 1,620-1,625 level and the support trend line drawn from the 1,532 low in mid-April, a tough nut to crack. Our portfolio stays in risk-on mode this week.

Gainers: 401
Losers: 835
Unchanged: 422

DOW: 38,441.54 (-1.06%)
S&P500: 5,266.95 (-0.74%)
NASDAQ: 16,920.58 (-0.58%)
FTSE100: 8,183.07 (-0.86%)
DAX: 18,473.29 (-1.10%)
HSI: 18,477.01 (-1.83%)
STI: 3,323.20 (-0.21%)
KLCI: 1,605.35 (-0.65%)
​
USD: 4.7045 (0.31%)
AUD: 3.1257 (0.09%)
SGD: 3.4862 (0.18%)
EUR: 5.1051 (0.06%)
GBP: 6.0032 (0.19%)
JPY: 2.9841 (0.02%)
CNY: 0.6489 (0.24%)
HKD: 0.6021 (0.27%)
​
WTI: 79.23 (-0.75%)
Brent: 83.60 (-0.74%)
GOLD: 2,338.12 (-0.98%)
3rd MONTH FCPO: 4,034.00 (1.87%)
Msia 10 yr bond yield: 3.9010 (0.03%)
US 10 yr bond yield: 4.6117 (1.36%)
ICE LIBOR USD 3M: 5.6079 (0.06%)
Bitcoin Futures: 68,145 (-1.55%)
Source: Bloomberg

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