Asian stock markets extended their losing streak on Thursday led by Korea’s KOSPI (-1.56%). The local benchmark FBMKLCI (KLCI) inched down 1.09pts or 0.07% to end the day at 1,604.26. It was a mixed day for the sectors with the largest gains coming from construction (+2.46%), property (+1.63%) and transportation (+0.67%). On the flip note, utilities (-1.42%), energy (-0.69%) and technology (-0.34%) were the top laggards. Trading volume rose to 5.33bn (up from 4.74bn on Wednesday) while trading value improved to RM3.99bn (up from RM3.69bn previously). Market breadth stayed negative five days in a row as 577 gainers dragged by 620 decliners.

The benchmark gapped down once again and closed marginally below the 20-day EMA. A deeper correction may be underway now with the 1,590-1,600 acting as the immediate support followed by 1,575. Investors should also be aware of the month-end rebalancing activities which may bring about an expansion in market volatility. 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: 577
Losers: 620
Unchanged: 473

DOW: 38,111.48 (-0.86%)
S&P500: 5,235.48 (-0.60%)
NASDAQ: 16,737.08 (-1.08%)
FTSE100: 8,231.05 (0.59%)
DAX: 18,496.79 (0.13%)
HSI: 18,230.19 (-1.34%)
STI: 3,323.38 (0.01%)
KLCI: 1,604.26 (-0.07%)
​
USD: 4.7045 (0.00%)
AUD: 3.1109 (-0.47%)
SGD: 3.4815 (-0.13%)
EUR: 5.0872 (-0.35%)
GBP: 5.9802 (-0.38%)
JPY: 3.0007 (0.56%)
CNY: 0.6505 (0.24%)
HKD: 0.6018 (-0.05%)
​
WTI: 77.91 (-1.67%)
Brent: 81.86 (-2.08%)
GOLD: 2,343.07 (0.21%)
3rd MONTH FCPO: 3,993.00 (-1.02%)
Msia 10 yr bond yield: 3.8990 (-0.05%)
US 10 yr bond yield: 4.5460 (-1.42%)
ICE LIBOR USD 3M: 5.6090 (0.02%)
Bitcoin Futures: 69,010 (1.27%)
Source: Bloomberg

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