Most Asian stock markets finished higher on Wednesday ahead of US CPI data release. The local benchmark FBMKLCI (KLCI) advanced 2.83pts or 0.18% to end the day at 1,612.35. The best performing sectors were energy (+1.06%), utilities (+0.98%) and industrial products (+0.83%). The only laggards were telecommunications (-0.67%) and transportation (-0.17%). Trading volume increased to 3.57bn (up from 3.42bn on Tuesday) while trading value inched up to RM2.51bn (up from RM2.50bn previously). Market breadth turned positive as 574 gainers beat 439 decliners.

The benchmark gapped up and tested the dotted line (1,611-1,614) yesterday. We had previously mentioned that a close above the said line would likely move the market’s gears back to neutral. For now, we maintain the view that the market may be ready to go into consolidation mode that may last a while. Prices are now testing the 1,611-1,614 overhead resistance with the next key resistance seen at 1,628 level. Support is at 1,600 followed by 1,574-1,579 next. NOTE: Our portfolio remains in risk-off mode this week.

Gainers: 574
Losers: 439
Unchanged: 531

DOW: 40,008.39 (0.61%)
S&P500: 5,455.21 (0.38%)
NASDAQ: 17,192.60 (0.03%)
FTSE100: 8,281.05 (0.56%)
DAX: 17,885.60 (0.41%)
HSI: 17,113.36 (-0.35%)
STI: 3,286.28 (0.85%)
KLCI: 1,612.35 (0.18%)
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USD: 4.4202 (-0.61%)
AUD: 2.9331 (-0.13%)
SGD: 3.3610 (-0.02%)
EUR: 4.8736 (0.35%)
GBP: 5.6807 (-0.14%)
JPY: 3.0018 (-0.94%)
CNY: 0.6193 (-0.38%)
HKD: 0.5673 (-0.65%)
​
WTI: 76.98 (-1.75%)
Brent: 79.76 (-1.15%)
GOLD: 2,447.85 (-0.70%)
3rd MONTH FCPO: 3,723.00 (0.89%)
Msia 10 yr bond yield: 3.7560 (-0.16%)
US 10 yr bond yield: 3.8352 (-0.20%)
ICE LIBOR USD 3M: 5.3797 (0.04%)
Bitcoin Futures: 59,450 (-3.37%)
Source: Bloomberg

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