Most Asian stock markets finished lower, halting a 2-day rally with Taiwan’s TAIEX (-2.00%) leading the laggards. The local benchmark FBMKLCI (KLCI) took a breather, inched down 1.49pts or 0.09% to end the day at 1,590.38. The top laggards were construction (-1.51%), utilities (-0.67%) and healthcare (-0.45%) whereas telecommunications (+0.53%), transportation (+0.41%) and consumer products (+0.265) were the top gainers. Trading volume dropped to 4.32bn (down from 5.12bn on Wednesday) while trading value fell to RM3.10bn (down from RM4.02bn previously). Market breadth turned negative as 444 gainers lost out to 652 decliners.

The KLCI formed its third consecutive white candle, but the final candle was an inside day/bearish harami pattern that sits just below the Monday’s gap of 1,593-1,607. Is the current upward momentum waning? Perhaps. For now, we reckon that the upside is likely capped by the large gap as well as the falling 50-day EMA. Upcoming sessions may turn out to be choppy. Longer-term, the market has likely gone into consolidation mode that may last a while. 1,600 acts as the overhead resistance followed by 1,628 next. Conversely, support is seen at 1,574 followed by 1,552 next. NOTE: Our portfolio has reverted to risk-off mode this week.

Gainers: 444
Losers: 652
Unchanged: 467

DOW: 39,446.49 (1.76%)
S&P500: 5,319.31 (2.30%)
NASDAQ: 16,660.02 (2.87%)
FTSE100: 8,144.97 (-0.27%)
DAX: 17,680.40 (0.37%)
HSI: 16,891.83 (0.08%)
STI: 3,261.83 (0.37%)
KLCI: 1,590.38 (-0.09%)
​
USD: 4.4730 (-0.56%)
AUD: 2.9296 (-0.84%)
SGD: 3.3760 (-0.32%)
EUR: 4.8879 (-0.43%)
GBP: 5.6684 (-0.84%)
JPY: 3.0368 (-1.06%)
CNY: 0.6233 (-0.55%)
HKD: 0.5738 (-0.54%)
​
WTI: 76.19 (1.28%)
Brent: 79.16 (1.06%)
GOLD: 2,427.53 (1.87%)
3rd MONTH FCPO: 3,704.00 (0.19%)
Msia 10 yr bond yield: 3.7530 (-0.58%)
US 10 yr bond yield: 3.9877 (1.13%)
ICE LIBOR USD 3M: 5.3658 (0.90%)
Bitcoin Futures: 62,055 (11.36%)
Source: Bloomberg

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