Asian stock markets finished mostly higher on Wednesday led by Singapore’s STI (+0.99%). The local benchmark FBMKLCI (KLCI) rose 3.96pts or 0.25% to end the day at 1,618.38. The broader market was lifted by construction (+1.70%), technology (+0.64%) and REIT (+0.52%). On the flip note, healthcare (-0.99%), transportation (-0.95%) and consumer products (-0.12%) were the laggards. Trading volume climbed to 4.76bn (up from 4.66bn on Tuesday) but trading value slipped slightly to RM3.71bn (down from RM3.84bn previously). Market breadth turned mildly positive as 569 gainers marginally beat 549 losers.

The benchmark closed at its 1.5-month high yesterday (on a close basis) with a white candle. We believe that the bulls still have the upper hand over the next couple of weeks given that the KLCI stays above the flag resistance turned support (1,603). Next targets are seen at 1,622 and 1,632 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: 569
Losers: 549
Unchanged: 518

DOW: 39,721.36 (1.09%)
S&P500: 5,633.91 (1.02%)
NASDAQ: 18,647.45 (1.18%)
FTSE100: 8,193.51 (0.66%)
DAX: 18,407.22 (0.94%)
HSI: 17,471.67 (-0.29%)
STI: 3,459.93 (0.99%)
KLCI: 1,618.38 (0.25%)
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USD: 4.6997 (-0.16%)
AUD: 3.1674 (-0.15%)
SGD: 3.4830 (-0.08%)
EUR: 5.0844 (-0.19%)
GBP: 6.0199 (-0.15%)
JPY: 2.9081 (-0.32%)
CNY: 0.6459 (-0.20%)
HKD: 0.6017 (-0.15%)
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WTI: 82.10 (0.85%)
Brent: 85.08 (0.50%)
GOLD: 2,371.26 (0.30%)
3rd MONTH FCPO: 3,918.00 (-1.04%)
Msia 10 yr bond yield: 3.8460 (-0.10%)
US 10 yr bond yield: 4.2841 (-0.27%)
ICE LIBOR USD 3M: 5.5657 (-0.01%)
Bitcoin Futures: 58,230 (-0.90%)
Source: Bloomberg

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