Most Asian stock markets finished the week stronger driven by gains in technology stocks but still closed lower for the fourth consecutive week. The local benchmark FBMKLCI (KLCI) climbed 5.67ts or 0.36% to end the week at 1,596.05. Week-on-week, however, the benchmark lost 15pts or 0.93%. All sectors recorded gains with technology (+3.36%) making a strong comeback. Other notable winners were construction (+2.56%), property (+2.31%) and industrial products (+1.83%). Trading volume dropped to 4.20bn (down from 4.32bn on Thursday) while trading value fell to RM2.93bn (down from RM3.10bn previously). Market breadth turned positive again as 1103 gainers thumped 218 decliners.

The bulls tried to push the KLCI higher to try to fill the 5thAug gap of 1,593-1,607 but the buying momentum could not be sustained. The benchmark also failed to close above its 50-day EMA. These resistances are likely to cap any attempts by the bulls in the near term. We believe that the market may be ready to go 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 1,574-1,579 followed by 1,552 next. NOTE: Our portfolio remains in risk-off mode this week.

Gainers: 1103
Losers: 218
Unchanged: 357

DOW: 39,497.54 (0.13%)
S&P500: 5,344.16 (0.47%)
NASDAQ: 16,745.30 (0.51%)
FTSE100: 8,168.10 (0.28%)
DAX: 17,722.88 (0.24%)
HSI: 17,090.23 (1.17%)
STI: 3,261.83 (Closed)
KLCI: 1,596.05 (0.36%)
​
USD: 4.4240 (-1.10%)
AUD: 2.9128 (-0.57%)
SGD: 3.3415 (-1.02%)
EUR: 4.8308 (-1.17%)
GBP: 5.6453 (-0.41%)
JPY: 3.0187 (-0.60%)
CNY: 0.6173 (-0.96%)
HKD: 0.5674 (-1.12%)
​
WTI: 76.84 (0.85%)
Brent: 79.66 (0.63%)
GOLD: 2,431.32 (0.16%)
3rd MONTH FCPO: 3,747.00 (1.16%)
Msia 10 yr bond yield: 3.7690 (0.43%)
US 10 yr bond yield: 3.9398 (-1.20%)
ICE LIBOR USD 3M: 5.3743 (0.16%)
Bitcoin Futures: 61,485 (-0.92%)
Source: Bloomberg

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