Asian stock markets finished lower on Monday as risk-off sentiment arise due to the political crisis in France. The local benchmark FBMKLCI (KLCI) dropped 2.85pts or 0.18% to end last Friday at 1,607.32. Week-on-week, the index fell 10.54pts or 0.65%. The broader market was weighed down by energy (-2.40%), technology (-1.65%) and construction (-0.93%). Transportation (+0.47%) and financial services (+0.11%) were the only gainers for the day. Trading volume reduced to 5.64bn (down from 5.91bn on Thursday) while trading value decreased to RM3.92bn (down from RM4.35bn previously). Market breadth turned negative as 561 gainers lost out to 677 decliners.

The benchmark formed its fifth consecutive black candle last Friday, falling below the 20-day EMA. We maintain our view that the index may stay rangebound in the near term with support seen at 1,590-1,600 levels. The trend line from the 1,632 high is likely to cap its near-term gains. The index needs to overcome and close above the trend line (1,617) and 1,622 to confirm the swing up to retest of the 52-week high at 1,632 and beyond is underway. Our portfolio stays in risk-on mode this week.

Gainers: 561
Losers: 677
Unchanged: 469

DOW: 38,778.10 (0.49%)
S&P500: 5,473.23 (0.77%)
NASDAQ: 17,857.02 (0.95%)
FTSE100: 8,142.15 (-0.06%)
DAX: 18,068.21 (0.37%)
HSI: 17,936.12 (-0.03%)
STI: 3,297.55 (CLOSED)
KLCI: 1,607.32 (CLOSED)
​
USD: 4.7207 (0.00%)
AUD: 3.1182 (-0.08%)
SGD: 3.4871 (0.00%)
EUR: 5.0458 (0.00%)
GBP: 5.9985 (0.00%)
JPY: 2.9936 (-0.22%)
CNY: 0.6508 (0.00%)
HKD: 0.6044 (0.00%)
​
WTI: 80.33 (2.40%)
Brent: 84.25 (1.97%)
GOLD: 2,319.14 (-0.60%)
3rd MONTH FCPO: 3,936.00 (-0.68%)
Msia 10 yr bond yield: 3.8630 (0.00%)
US 10 yr bond yield: 4.2809 (1.42%)
ICE LIBOR USD 3M: 5.6056 (0.09%)
Bitcoin Futures: 67,250 (1.60%)
Source: Bloomberg

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