Asian stock markets ended Tuesday lower, led by Chinese and Australian stocks. The local benchmark FBMKLCI (KLCI) eased 2.88pts or 0.18% to end the day at 1,611.49. Sector-wise, it was a mixed bag yesterday with construction (4.29%) leading the charge followed by technology (+2.37%) and property (+1.41%). On the flip side, transportation (-1.00%), plantation (-0.73%) and utilities(-0.70%) were the top laggards. Trading volume surged to 6.98bn (up from 5.96bn on Monday) while trading value climbed to RM5.12bn (up from RM3.30bn previously). Market breadth stayed positive for the third day running as 797 gainers beat 496 decliners.

The benchmark formed its second black candle as the index continues on its consolidation. We reckon that the index may stay rangebound in the near term with support seen at 1,590-1,600 levels. The rising 20-day EMA (currently at 1,608) is likely to act as support as well. The index needs to overcome and close above 1,622 to confirm the swing up to retest of the 52-week high at 1,632 and beyond. The immediate resistance at 1,620-1,625 is a long-term resistance and is likely to take some time before the bulls can muster the strength to breakout. Our portfolio stays in risk-on mode this week.

Gainers: 797
Losers: 496
Unchanged: 455

DOW: 38,747.42 (-0.31%)
S&P500: 5,375.32 (0.27%)
NASDAQ: 17,343.55 (0.88%)
FTSE100: 8,147.81 (-0.98%)
DAX: 18,369.94 (-0.68%)
HSI: 18,176.34 (-1.04)
STI: 3,309.21 (-0.39%)
KLCI: 1,611.49 (-0.18%)
​
USD: 4.7190 (-0.08%)
AUD: 3.1124 (0.05%)
SGD: 3.4876 (-0.04%)
EUR: 5.0734 (-0.02%)
GBP: 6.0092 (0.20%)
JPY: 3.0036 (-0.17%)
CNY: 0.6505 (-0.18%)
HKD: 0.6041 (-0.07%)
​
WTI: 77.90 (0.21%)
Brent: 81.92 (0.36%)
GOLD: 2,317.01 (0.27%)
3rd MONTH FCPO: 3,931.00 (0.31%)
Msia 10 yr bond yield: 3.8740 (0.13%)
US 10 yr bond yield: 4.4040 (-1.41%)
ICE LIBOR USD 3M: 5.6048 (0.16%)
Bitcoin Futures: 68,210 (-3.10%)
Source: Bloomberg

Source: /servlets/staticfile/545292.jsp/servlets/staticfile/545292.jspC/servlets/staticfile/545292.jspG/servlets/staticfile/545292.jspS/servlets/staticfile/545292.jsp-/servlets/staticfile/545292.jspC/servlets/staticfile/545292.jspI/servlets/staticfile/545292.jspM/servlets/staticfile/545292.jspB/servlets/staticfile/545292.jsp /servlets/staticfile/545292.jspR/servlets/staticfile/545292.jspe/servlets/staticfile/545292.jsps/servlets/staticfile/545292.jspe/servlets/staticfile/545292.jspa/servlets/staticfile/545292.jspr/servlets/staticfile/545292.jspc/servlets/staticfile/545292.jsph/servlets/staticfile/545292.jsp/servlets/staticfile/545292.jsp - 12 Jun 2024