Asian stock markets finished mixed on Wednesday amid weaker-than-expected China inflation data. The local benchmark FBMKLCI (KLCI) dipped 2.54pts or 0.16% to end the day at 1,608.95. The broader market was dragged lower by transportation (-1.69%), energy (-1.15%) and utilities (-0.71%). Top gainers for the day included technology (+2.06%), telecommunications (+0.53%) and construction (+0.26%). Trading volume rose to its year-high at 7.59bn (up from 6.98bn on Tuesday) while trading value improved to RM5.28bn (up from RM5.12bn previously). Market breadth turned negative as 550 gainers underperformed 758 decliners.

The benchmark sit right on the 20-day EMA after forming its third black candle yesterday. We reckon that the index may stay rangebound in the near term with support seen at 1,590-1,600 levels. 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: 550
Losers: 758
Unchanged: 468

DOW: 38,712.21 (-0.09%)
S&P500: 5,421.03 (0.85%)
NASDAQ: 17,608.44 (1.53%)
FTSE100: 8,215.48 (0.83%)
DAX: 18,630.86 (1.42%)
HSI: 17,937.84 (-1.31)
STI: 3,307.44 (-0.05%)
KLCI: 1,608.95 (-0.16%)
​
USD: 4.7172 (-0.04%)
AUD: 3.1202 (0.25%)
SGD: 3.4887 (0.03%)
EUR: 5.0722 (-0.02%)
GBP: 6.0176 (0.14%)
JPY: 3.0122 (0.29%)
CNY: 0.6515 (0.16%)
HKD: 0.6042 (0.02%)
​
WTI: 78.50 (0.77%)
Brent: 82.60 (0.83%)
GOLD: 2,324.98 (0.34%)
3rd MONTH FCPO: 3,963.00 (0.81%)
Msia 10 yr bond yield: 3.8580 (-0.41%)
US 10 yr bond yield: 4.3160 (-2.00%)
ICE LIBOR USD 3M: 5.6048 (0.06%)
Bitcoin Futures: 69,230 (1.50%)
Source: Bloomberg

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