Asian stock markets tumbled as fears of a deeper US economic slowdown and an extended rout in Japanese shares sapped risk appetite. The local benchmark FBMKLCI (KLCI) plunged 74.57pts or 4.63% to end the day at 1,536.48. A sea of red as the bears plundered all sectors with property (-9.74%), technology (-9.12%) and construction (-9.00%) leading the laggards. Trading volume surged to 9.26bn (up from 5.17bn on Friday) while trading value rose to RM7.97bn (up from RM3.98bn previously). Market breadth stayed negative for five days in a row as 83 gainers were pummeled by 1,659 decliners.

The plunged on the benchmark yesterday took out most of the key support levels, closing below the 200-day EMA for the first time since 9th Oct 2023. The index is now sitting just above a support at 1,532. If further selling occurs, the KLCI may fall to test 1,508-1,521 next. However, we believe that a rebound may be just around the corner as the advance/decline ratio (A/D ratio) yesterday was the lowest on our records – even lower than the Covid selloff. Longer-term, the market has likely gone into consolidation mode that may last a while. On the upside, 1,581 and 1,600 acts as resistances. NOTE: Our portfolio has reverted to risk-off mode this week.

Gainers: 83
Losers: 1659
Unchanged: 131

DOW: 38,703.27 (-2.60%)
S&P500: 5,186.33 (-3.00%)
NASDAQ: 16,200.08 (-3.43%)
FTSE100: 8,008.23 (-2.04%)
DAX: 17,339.00 (-1.82%)
HSI: 16,698.36 (-1.46%)
STI: 3,243.67 (-4.07%)
KLCI: 1,536.48 (-4.63%)
​
USD: 4.4272 (-1.55%)
AUD: 2.8558 (-2.44%)
SGD: 3.3516 (-0.76%)
EUR: 4.8485 (-0.36%)
GBP: 5.6423 (-1.50%)
JPY: 3.0710 (0.11%)
CNY: 0.6209 (-1.00%)
HKD: 0.5687 (-1.28%)
​
WTI: 72.94 (-0.79%)
Brent: 76.30 (-0.66%)
GOLD: 2,410.79 (-1.33%)
3rd MONTH FCPO: 3,787.00 (-3.32%)
Msia 10 yr bond yield: 3.6860 (-0.57%)
US 10 yr bond yield: 3.7884 (-0.05%)
ICE LIBOR USD 3M: 5.4893 (-0.26%)
Bitcoin Futures: 54,175 (-14.62%)
Source: Bloomberg

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