Asian stock markets were mixed yesterday with Hong Kong’s Hang Seng Index (-1.60%) dragging the regional markets lower. The local benchmark FBMKLCI (KLCI) also weakened a tad, falling 3.86pts or 0.24% to end the day at 1,625.96. Most sectors succumbed to profit taking activities with industrial products (-0.76%), technology (-0.69%) and telecommunications (-0.68%) leading the fall. Gainers were only energy (+0.53%), plantation (+0.27%), consumer products (+0.21%) and utilities (+0.04%). Trading volume decreased to 4.66bn (down from 5.36bn on Monday) while trading value fell to RM3.52bn (down from RM3.95bn previously). Market breadth turned negative again as 413 gainers lost out to 795 decliners.

There was a minor pullback on the benchmark as there were about 2 losers for every gainer yesterday. This pullback is unlikely to derail the current uptrend even if it extends for another day or two. We are keeping to our positive view on the KLCI. Any surprises are likely to be positive, with the index expected to push on closer to the 1,650 psychological level followed by the next Fibonacci target of 1,652. The next target is at 1,664. Support remains at 1,603-1,614 followed by 1,599 (the rising 50-day EMA). NOTE: Our portfolio has reverted to risk-on mode this week.

Gainers: 413
Losers: 795
Unchanged: 494

DOW: 40,954.48 (1.85%)
S&P500: 5,667.20 (0.64%)
NASDAQ: 18,509.34 (0.20%)
FTSE100: 8,164.90 (-0.22%)
DAX: 18,518.03 (-0.39%)
HSI: 17,727.98 (-1.60%)
STI: 3,487.91 (-0.34%)
KLCI: 1,625.96 (-0.24%)
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USD: 4.6768 (0.07%)
AUD: 3.1552 (-0.43%)
SGD: 3.4801 (-0.05%)
EUR: 5.0968 (-0.07%)
GBP: 6.0651 (-0.04%)
JPY: 2.9532 (-0.19%)
CNY: 0.6434 (-0.06%)
HKD: 0.5991 (0.07%)
​
WTI: 80.76 (-1.40%)
Brent: 83.73 (-1.32%)
GOLD: 2,469.08 (1.93%)
3rd MONTH FCPO: 3,944.00 (1.26%)
Msia 10 yr bond yield: 3.8190 (-0.16%)
US 10 yr bond yield: 4.1576 (-1.70%)
ICE LIBOR USD 3M: 5.5474 (-0.01%)
Bitcoin Futures: 65,320 (-0.18%)
Source: Bloomberg

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