Asian stock markets recovered on Wednesday amid the interest rate hike by Bank of Japan. The local benchmark FBMKLCI (KLCI) rebounded 13.63pts or 0.85% to end the day at 1,625.57. The broader market was mixed with the largest gains coming from financial services (+1.21%), utilities (+0.50%) and plantation (+0.48%). On the flip note, technology (-1.18%), energy (-1.04%) and healthcare (-1.01%) were the top laggards. Trading volume increased to 4.42bn (up from 4.19bn on Tuesday) while trading value surged to RM3.62bn (up from RM3.11bn previously). Market breadth stayed negative with 480 gainers hit by 602 decliners.

The KLCI formed a long white candle yesterday, on the verge of breaking out its week-long bullish flag pattern. The bulls may see resumed strength if the said breakout is completed, where a close above 1,629 would likely confirm it. Otherwise, expect more sideways chop to take place next with 1,603-1,614 remaining as the support levels. The longer-term trend is still up with 1,632-1,638 acting as the immediate resistance. Any close below the dotted trend line (at 1,603) likely warns that a deeper and longer consolidation is taking place. NOTE: Our portfolio is in risk-on mode this week.

Gainers: 480
Losers: 602
Unchanged: 494

DOW: 40,842.79 (0.24%)
S&P500: 5,522.30 (1.58%)
NASDAQ: 17,599.40 (2.64%)
FTSE100: 8,367.98 (1.13%)
DAX: 18,508.65 (0.53%)
HSI: 17,344.60 (2.01%)
STI: 3,455.94 (0.41%)
KLCI: 1,625.57 (0.85%)
​
USD: 4.5905 (-0.68%)
AUD: 2.9827 (-1.41%)
SGD: 3.4292 (-0.28%)
EUR: 4.9697 (-0.73%)
GBP: 5.8908 (-0.91%)
JPY: 3.0606 (1.11%)
CNY: 0.6351 (-0.50%)
HKD: 0.5876 (-0.68%)
​
WTI: 77.91 (4.26%)
Brent: 80.84 (3.55%)
GOLD: 2,447.60 (1.53%)
3rd MONTH FCPO: 3,908.00 (-0.18%)
Msia 10 yr bond yield: 3.7160 (-0.64%)
US 10 yr bond yield: 4.0296 (-2.65%)
ICE LIBOR USD 3M: 5.5093 (-0.08%)
Bitcoin Futures: 65,900 (-1.29%)
Source: Bloomberg

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