Asian stock markets finished lower on Wednesday with Japan’s Nikkei (-1.11%) being the worst hit. The local benchmark FBMKLCI (KLCI) fell 8.54pts or 0.52% to end the day at 1,621.14. The broader market was in the negative territory dragged by industrial products (-1.60%), construction (-1.45%) and property (-1.07%). The only gainers were REIT (+0.11%) and transportation (+0.11%). Trading volume dropped to 4.39bn (down from 5.12bn on Tuesday) while trading value decreased to RM2.80bn (down from RM3.59bn previously). Market breadth turned negative again with 341 gainers thumped by 773 decliners.

The KLCI formed a black candle yesterday after its bearish harami pattern. We keep our view that the current consolidation may continue for a couple of days longer with the benchmark trading below the trend line drawn from the 1,608 low. Despite the current short-term consolidation, the longer-term trend remains up. 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: 341
Losers: 773
Unchanged: 487

DOW: 39,853.87 (-1.25%)
S&P500: 5,427.13 (-2.31%)
NASDAQ: 17,342.41 (-3.64%)
FTSE100: 8,153.69 (-0.17%)
DAX: 18,387.46 (-0.92%)
HSI: 17,311.05 (-0.91%)
STI: 3,460.82 (-0.01%)
KLCI: 1,621.14 (-0.52%)
​
USD: 4.6720 (-0.03%)
AUD: 3.0824 (-0.45%)
SGD: 3.4739 (-0.01%)
EUR: 5.0647 (-0.27%)
GBP: 6.0313 (-0.04%)
JPY: 3.0389 (1.18%)
CNY: 0.6432 (0.13%)
HKD: 0.5983 (-0.03%)
​
WTI: 77.59 (0.82%)
Brent: 81.71 (0.86%)
GOLD: 2,397.70 (-0.50%)
3rd MONTH FCPO: 3,925.00 (-1.11%)
Msia 10 yr bond yield: 3.7940 (-0.32%)
US 10 yr bond yield: 4.2838 (0.78%)
ICE LIBOR USD 3M: 5.5462 (0.02%)
Bitcoin Futures: 66,230 (-0.67%)
Source: Bloomberg

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