Asian stock markets finished higher on Wednesday with Japan’s Nikkei 225 (+1.26%) leading the gains. The local benchmark FBMKLCI (KLCI), snapped its seven days losing streak and recovered 5.57pts or 0.35% to end the day at 1,590.95. The broader market was lifted by transportation (+1.89%), utilities (+1.51%) and construction (+1.11%). Laggards were seen in plantation (-0.29%), REIT (-0.15%) and telecommunications (-0.11%). Trading volume decreased to 4.73bn (down from 5.23bn on Tuesday) while trading value dropped further to RM3.22bn (down from RM3.70bn previously). Market breadth turned positive as 674 gainers beat 433 losers.

The benchmark formed its long-lost white candle yesterday after eleven consecutive black candles. However, it remains too early to confirm a reversal yet. The odds are in favour of the bears for the immediate term as the KLCI is still trading below the trend line drawn from the 1,446 low. Falling below 1,582 may see the benchmark fall to test the 1,565-1,575 support next. There is still light at the end of the tunnel, however. The benchmark needs to close firmly above yesterday’s high of 1,593 to signal that a short-term rebound up to test the psychological 1,600 resistance is likely taking place. The following resistance is the downtrend line (1,610) from 1,632. NOTE: Our portfolio has reverted to risk-off mode this week.

Gainers: 674
Losers: 433
Unchanged: 465

DOW: 39,127.80 (0.04%)
S&P500: 5,477.90 (0.16%)
NASDAQ: 17,805.16 (0.49%)
FTSE100: 8,225.33 (-0.27%)
DAX: 18,155.24 (-0.12%)
HSI: 18,089.93 (0.09%)
STI: 3,331.70 (0.16%)
KLCI: 1,590.95 (0.35%)
​
USD: 4.7163 (0.24%)
AUD: 3.1469 (0.43%)
SGD: 3.4764 (-0.04%)
EUR: 5.0412 (-0.10%)
GBP: 5.9748 (0.06%)
JPY: 2.9348 (-0.43%)
CNY: 0.6490 (0.18%)
HKD: 0.6039 (0.23%)
​
WTI: 80.90 (0.09%)
Brent: 85.25 (0.28%)
GOLD: 2,298.23 (-0.92%)
3rd MONTH FCPO: 3,879.00 (0.52%)
Msia 10 yr bond yield: 3.8640 (0.21%)
US 10 yr bond yield: 4.3294 (1.93%)
ICE LIBOR USD 3M: 5.6010 (-0.02%)
Bitcoin Futures: 61,385 (-2.15%)
Source: Bloomberg

Source: /servlets/staticfile/546829.jsp/servlets/staticfile/546829.jspC/servlets/staticfile/546829.jspG/servlets/staticfile/546829.jspS/servlets/staticfile/546829.jsp-/servlets/staticfile/546829.jspC/servlets/staticfile/546829.jspI/servlets/staticfile/546829.jspM/servlets/staticfile/546829.jspB/servlets/staticfile/546829.jsp /servlets/staticfile/546829.jspR/servlets/staticfile/546829.jspe/servlets/staticfile/546829.jsps/servlets/staticfile/546829.jspe/servlets/staticfile/546829.jspa/servlets/staticfile/546829.jspr/servlets/staticfile/546829.jspc/servlets/staticfile/546829.jsph/servlets/staticfile/546829.jsp/servlets/staticfile/546829.jsp - 27 Jun 2024