Asian stock markets gained yesterday, tracking overnight gains over in the US the night before. The local benchmark FBMKLCI (KLCI) rebounded 7.61pts or 0.47% to end the day at 1,629.68. Most sectors ended in the black with construction (+2.04%) rebounded the most, followed by property (+1.70%) and energy (+1.16%). The 3 laggards were plantation (-0.15%), consumer products (-0.05%) and REIT (-0.02%). Trading volume eased to 5.12bn (down from 5.34bn on Monday) but trading value increased a tad to RM3.59bn (up from RM3.42bn previously). Market breadth turned positive again with 685 gainers beating 458 decliners.

The KLCI formed a bearish harami pattern yesterday following Monday’s long black candle. The benchmark is also trading marginally below the trend line drawn from the 1,608 low, which keeps the current market condition in consolidation mode. Despite the current short-term consolidation, the longer-term trend remains up. We think that the current consolidation may continue for a couple of days longer. The next support is seen at 1,603-1,614, which includes the 50-day EMA (1,605). 1,632-1,638 is the immediate resistance. NOTE: Our portfolio is in risk-on mode this week.

Gainers: 685
Losers: 458
Unchanged: 502

DOW: 40,358.09 (-0.14%)
S&P500: 5,555.74 (-0.16%)
NASDAQ: 17,997.35 (-0.06%)
FTSE100: 8,167.37 (-0.38%)
DAX: 18,557.70 (0.82%)
HSI: 17,469.36 (-0.94%)
STI: 3,461.16 (0.70%)
KLCI: 1,629.68 (0.47%)
​
USD: 4.6733 (-0.19%)
AUD: 3.0963 (-0.78%)
SGD: 3.4741 (-0.23%)
EUR: 5.0786 (-0.41%)
GBP: 6.0339 (-0.33%)
JPY: 3.0035 (0.73%)
CNY: 0.6424 (-0.20%)
HKD: 0.5985 (-0.20%)
​
WTI: 76.96 (-1.84%)
Brent: 81.01 (-1.69%)
GOLD: 2,409.64 (0.54%)
3rd MONTH FCPO: 3,969.00 (-0.40%)
Msia 10 yr bond yield: 3.8060 (0.05%)
US 10 yr bond yield: 4.2506 (-0.04%)
ICE LIBOR USD 3M: 5.5450 (0.01%)
Bitcoin Futures: 66,675 (-2.63%)
Source: Bloomberg

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