Asian stock markets finished mixed on Wednesday with Hong Kong’s HSI (+2.87%) leading the gains. However, the local benchmark FBMKLCI (KLCI) dropped for the third consecutive session, losing 6.34pts or 0.39% to end the day at 1,599.79. Profit-taking was seen across the board led by technology (-1.67%), healthcare (-1.42%) and property (-1.09%). Trading volume reduced to 5.57bn (down from 5.93bn on Tuesday) while trading value fell to RM4.06bn (up from RM4.15bn previously). Market breadth stayed negative as 341 gainers thumped by 907 decliners.

The benchmark formed its seventh consecutive black candle yesterday, extending the consolidation from mid-May. We maintain our view that the index may stay rangebound in the near term with support seen at 1,590-1,600 levels. A break below this band would likely see the benchmark fall to test 1,565-1,575 next. 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 (1,613) 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: 341
Losers: 907
Unchanged: 451

DOW: 38,834.86 (CLOSED)
S&P500: 5,487.03 (CLOSED)
NASDAQ: 17,862.23 (CLOSED)
FTSE100: 8,205.11 (0.17%)
DAX: 18,067.91 (-0.35%)
HSI: 18,430.39 (2.87%)
STI: 3,304.00 (0.07%)
KLCI: 1,599.79 (-0.39%)
​
USD: 4.7065 (-0.14%)
AUD: 3.1390 (0.65%)
SGD: 3.4842 (0.09%)
EUR: 5.0534 (0.02%)
GBP: 5.9916 (0.22%)
JPY: 2.9785 (-0.23%)
CNY: 0.6485 (-0.19%)
HKD: 0.6028 (-0.15%)
​
WTI: 81.47 (-0.12%)
Brent: 85.07 (-0.30%)
GOLD: 2,328.16 (-0.06%)
3rd MONTH FCPO: 3,920.00 (0.95%)
Msia 10 yr bond yield: 3.8600 (-0.57%)
US 10 yr bond yield: 4.2227 (0.00%)
ICE LIBOR USD 3M: 5.6090 (0.07%)
Bitcoin Futures: 65,620 (0.87%)
Source: Bloomberg

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