Asian stock markets rebounded after the regional tech shares climbed, tracking their US counterparts higher on Tuesday. The local benchmark FBMKLCI (KLCI) added 3.40pts or 0.21% to start the holiday-shortened week at 1,614.42. Technology (+1.31%), which moved in tandem with the regional tech sector was the best performer followed by financial services (+0.60%) and telecommunications (+0.40%). Laggards were led by plantation (-1.05%) utilities (-0.52%). Trading volume rose to 4.66bn (up from 4.34bn on Friday) while trading value increased to RM3.84bn (up from RM2.95bn previously). Market breadth stayed negative as 529 gainers lost out to 666 losers.

The benchmark formed a second black candle yesterday despite closing higher for the day. The KLCI is likely to stay in consolidation for another day but we believe that the bulls still have the upper hand over the next couple of weeks. If the KLCI stays above the flag resistance turned support (1,603), we continue to target 1,622 and 1,632 next for the index. We would not rule out a move to a new 52-week high in the weeks ahead. Support is at 1,603 followed by 1,593 (50-day EMA). NOTE: Our portfolio has reverted to risk-on mode this week.

Gainers: 529
Losers: 666
Unchanged: 480

DOW: 39,291.97 (-0.13%)
S&P500: 5,576.98 (0.07%)
NASDAQ: 18,429.29 (0.14%)
FTSE100: 8,139.81 (-0.66%)
DAX: 18,236.19 (-1.28%)
HSI: 17,523.23 (0.00%)
STI: 3,426.09 (0.64%)
KLCI: 1,614.42 (0.21%)
​
USD: 4.7070 (-0.04%)
AUD: 3.1720 (0.00%)
SGD: 3.4858 (-0.11%)
EUR: 5.0942 (-0.08%)
GBP: 6.0290 (0.12%)
JPY: 2.9174 (-0.37%)
CNY: 0.6472 (-0.09%)
HKD: 0.6026 (0.05%)
​
WTI: 81.41 (-1.12%)
Brent: 84.66 (-1.27%)
GOLD: 2,364.09 (0.21%)
3rd MONTH FCPO: 3,959.00 (-2.05%)
Msia 10 yr bond yield: 3.8500 (-0.13%)
US 10 yr bond yield: 4.2959 (0.41%)
ICE LIBOR USD 3M: 5.5662 (-0.04%)
Bitcoin Futures: 58,760 (2.44%)
Source: Bloomberg

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