Most Asian stock markets extended their gains for a second day with technology leading the gains again. The local benchmark FBMKLCI (KLCI) added 10.61pts or 0.66% to start the week at 1,606.66. Most sectors closed in the black except for healthcare (-0.32%) and transportation (-0.08%). Utilities (+2.83%), construction (+1.40%) and telecommunications (+1.11%) were the strongest sectors yesterday. Trading volume dropped to 4.01bn (down from 4.20bn on Friday) while trading value inched lower to RM2.92bn (down from RM2.93bn previously). Market breadth stayed positive as 646 gainers beat 406 decliners.

The good news is that the benchmark is now back above the 50-day EMA, but the KLCI has yet to close above the 5th Aug gap of 1,593-1,607. The A/D ratio is still positive but is not as ‘strong’ as the past few trading days. While the trend for the immediate term is up but the upside may be capped for now as we believe that the market may be ready to go into consolidation mode that may last a while. Moving back above the dotted line (1,611-1,614) would likely move the market’s gears back to neutral. 1,611 acts as the overhead resistance followed by 1,628 (key resistance) next. Support remains at 1,574-1,579 followed by 1,552 next. NOTE: Our portfolio remains in risk-off mode this week.

Gainers: 646
Losers: 406
Unchanged: 522

DOW: 39,357.01 (-0.36%)
S&P500: 5,344.39 (0.00%)
NASDAQ: 16,780.61 (0.21%)
FTSE100: 8,210.25 (0.52%)
DAX: 17,726.47 (0.02%)
HSI: 17,111.65 (0.13%)
STI: 3,235.38 (-0.81%)
KLCI: 1,606.66 (0.66%)
​
USD: 4.4540 (0.68%)
AUD: 2.9390 (0.90%)
SGD: 3.3630 (0.64%)
EUR: 4.8667 (0.74%)
GBP: 5.6835 (0.68%)
JPY: 3.0262 (0.25%)
CNY: 0.6208 (0.56%)
HKD: 0.5716 (0.74%)
​
WTI: 80.06 (4.19%)
Brent: 82.30 (3.31%)
GOLD: 2,472.90 (1.71%)
3rd MONTH FCPO: 3,708.00 (-1.04%)
Msia 10 yr bond yield: 3.7750 (0.16%)
US 10 yr bond yield: 3.9035 (-0.92%)
ICE LIBOR USD 3M: 5.3743 (0.00%)
Bitcoin Futures: 59,635 (-3.01%)
Source: Bloomberg

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