Asian stock markets finished higher on Wednesday, tracking the overnight rally in the US. The local benchmark FBMKLCI (KLCI) surged 17.36pts or 1.09% to end the day at 1,615.32. Every sector advanced with the notable gainers being construction (+4.71%), utilities (+2.93%) and telecommunications (+1.57%). Trading volume increased to 5.47bn (up from 5.39bn on Tuesday) while trading value kept relatively flat at RM3.99bn (from RM3.99bn previously). Market breadth stayed positive for the fourth day in a row as 902 gainers outperformed 326 losers.

The benchmark formed a white bullish candle yesterday and broke out above the 1.5-month long flag consolidation pattern. The flag breakout above the downtrend line (1,605) from 1,632 likely confirms that the longer-term uptrend has resumed. However, tough resistance may be seen at the 1,620-1,625 level before the index can take out the 1,632 high. Aggressive traders ought to continue to look for buy setups. Keep a stop below 1,581 as a break below may see the benchmark fall to test the 1,565-1,575 support next. NOTE: Our portfolio is in risk-off mode this week.

Gainers: 902
Losers: 326
Unchanged: 453

DOW: 39,308.00 (-0.06%)
S&P500: 5,537.02 (0.51%)
NASDAQ: 18,188.30 (0.88%)
FTSE100: 8,171.12 (0.61%)
DAX: 18,374.53 (1.16%)
HSI: 17,978.57 (1.18%)
STI: 3,415.51 (1.41%)
KLCI: 1,615.32 (1.09%)
​
USD: 4.7195 (-0.04%)
AUD: 3.1493 (0.30%)
SGD: 3.4793 (0.13%)
EUR: 5.0758 (0.37%)
GBP: 5.9921 (0.46%)
JPY: 2.9209 (-0.14%)
CNY: 0.6492 (-0.02%)
HKD: 0.6043 (0.02%)
​
WTI: 83.88 (1.29%)
Brent: 87.34 (1.28%)
GOLD: 2,356.20 (1.15%)
3rd MONTH FCPO: 4,082.00 (-0.17%)
Msia 10 yr bond yield: 3.8660 (-0.15%)
US 10 yr bond yield: 4.3587 (-1.65%)
ICE LIBOR USD 3M: 5.5798 (-0.05%)
Bitcoin Futures: 60,450 (-3.74%)
Source: Bloomberg

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