Weakness was seen in Asian stock markets on Thursday with Hong Kong’s HSI (-2.06%) the worst hit. The local benchmark FBMKLCI (KLCI) pared the previous day’s gains, losing 6.01pts or 0.38% to end the day at 1,584.94. Selling pressure resumed across the board, weighed down by telecommunications (-1.46%), technology (-1.10%) and energy (-1.08%). Construction (+0.25%) and REIT (+0.01%) were the only gainers. Trading volume dropped to 4.23bn (down from 4.73bn on Wednesday) while trading value slipped to RM3.13bn (down from RM3.22bn previously). Market breadth turned negative once again as 320 gainers were thumped by 804 losers.

The benchmark failed to sustain above the 50-day EMA yesterday and formed a bearish engulfing pattern, keeping the odds in favour of the bears for the immediate term. As noted previously, the KLCI remains below the trend line drawn from the 1,446 low, which is another negative. 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 Wednesday’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: 320
Losers: 804
Unchanged: 455

DOW: 39,164.06 (0.09%)
S&P500: 5,482.87 (0.09%)
NASDAQ: 17,858.68 (0.30%)
FTSE100: 8,179.68 (-0.55%)
DAX: 18,210.55 (0.30%)
HSI: 17,716.47 (-2.06%)
STI: 3,343.35 (0.35%)
KLCI: 1,584.94 (-0.38%)
​
USD: 4.7175 (0.03%)
AUD: 3.1459 (-0.03%)
SGD: 3.4776 (0.03%)
EUR: 5.0463 (0.10%)
GBP: 5.9665 (-0.14%)
JPY: 2.9353 (0.02%)
CNY: 0.6490 (0.00%)
HKD: 0.6041 (0.03%)
​
WTI: 81.74 (1.04%)
Brent: 86.39 (1.34%)
GOLD: 2,327.73 (1.28%)
3rd MONTH FCPO: 3,890.00 (0.28%)
Msia 10 yr bond yield: 3.8660 (0.05%)
US 10 yr bond yield: 4.2863 (-0.99%)
ICE LIBOR USD 3M: 5.5962 (-0.09%)
Bitcoin Futures: 62,000 (1.00%)
Source: Bloomberg

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