Asian stock markets rebounded on Tuesday supported by bargain hunting activities. The local benchmark FBMKLCI (KLCI) recovered 37.91pts or 2.47% to end the day at 1,574.39. All sectors recouped partial losses led by construction (+4.83%), property (+4.60%) and technology (+3.90%) being the top gainers for the day. Trading volume dropped to 6.40bn (down from 9.26bn on Monday) while trading value eased to RM5.32bn (down from RM7.97bn previously). Market breadth turned positive as 1,083 gainers beat 309 decliners.

The KLCI managed to close above the 200-day EMA again after testing the 3-month low (on intraday basis) yesterday. We expect choppy sessions ahead as the index is expected to continue to find its footing. 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. Conversely, support is seen at 1,532. If further selling occurs, the KLCI may fall to test 1,508-1,521 next. NOTE: Our portfolio has reverted to risk-off mode this week.

Gainers: 1083
Losers: 309
Unchanged: 348

DOW: 38,997.66 (0.76%)
S&P500: 5,240.03 (1.04%)
NASDAQ: 16,366.85 (1.03%)
FTSE100: 8,026.69 (0.23%)
DAX: 17,354.32 (0.09%)
HSI: 16,647.34 (-0.31%)
STI: 3,198.44 (-1.39%)
KLCI: 1,574.39 (2.47%)
​
USD: 4.4748 (1.08%)
AUD: 2.9003 (1.56%)
SGD: 3.3715 (0.59%)
EUR: 4.8829 (0.71%)
GBP: 5.5876 (0.80%)
JPY: 3.0943 (0.76%)
CNY: 0.6253 (0.71%)
HKD: 0.5741 (0.95%)
​
WTI: 73.20 (0.36%)
Brent: 76.48 (0.24%)
GOLD: 2,390.82 (-0.83%)
3rd MONTH FCPO: 3,705.00 (-2.17%)
Msia 10 yr bond yield: 3.7530 (1.82%)
US 10 yr bond yield: 3.8919 (2.73%)
ICE LIBOR USD 3M: 5.3940 (-1.74%)
Bitcoin Futures: 57,525 (6.18%)
Source: Bloomberg

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