Most Asian stock markets extended losses on Thursday, tracking the weakness in overnight US equities. The local benchmark FBMKLCI (KLCI) eased further 5.96pts or 0.37% to end the day at 1,615.18. Selling pressure hit across the board with construction (-2.18%), technology (-2.04%) and property (-1.68%) being the top laggards. The outperforming sectors were REIT (+0.26%), financial services (+0.18%) and transportation (+0.17%). Trading volume climbed to 4.55bn (up from 4.39bn on Wednesday) while trading value improved to RM3.11bn (up from RM2.80bn previously). Market breadth stayed negative with 255 gainers hammered by 954 decliners.

The KLCI gapped down and closed below the 20-day EMA for the first time after 3 weeks. 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 (1,606). 1,632-1,638 is the immediate resistance. *NOTE:* Our portfolio is in *risk-on mode* this week. The portfolio will be reverted to risk-off mode next week IF the KLCI closes below 1,611 today.

Gainers: 255
Losers: 954
Unchanged: 465

DOW: 39,935.07 (0.20%)
S&P500: 5,399.22 (-0.51%)
NASDAQ: 17,181.72 (-0.93%)
FTSE100: 8,186.35 (0.40%)
DAX: 18,298.72 (-0.48%)
HSI: 17,004.97 (-1.77%)
STI: 3,430.45 (-0.88%)
KLCI: 1,615.18 (-0.37%)
​
USD: 4.6613 (-0.23%)
AUD: 3.0415 (-1.33%)
SGD: 3.4725 (-0.04%)
EUR: 5.0582 (-0.13%)
GBP: 6.0063 (-0.41%)
JPY: 3.0286 (-0.34%)
CNY: 0.6432 (0.00%)
HKD: 0.5971 (-0.20%)
​
WTI: 78.28 (0.89%)
Brent: 82.37 (0.81%)
GOLD: 2,364.56 (-1.38%)
3rd MONTH FCPO: 3,918.00 (-0.18%)
Msia 10 yr bond yield: 3.7740 (-0.53%)
US 10 yr bond yield: 4.2407 (-1.01%)
ICE LIBOR USD 3M: 5.5408 (-0.10%)
Bitcoin Futures: 66,490 (0.39%)
Source: Bloomberg

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