Most Asian stock markets climbed yesterday on the back of improved investor sentiment and signs of stabilization of China’s economy. The local benchmark FBMKLCI (KLCI), however, closed flat, up a marginal 0.59pts or 0.04% to end the day at 1,612.94. All the sectors closed in the red except for financial services (+0.36%) and healthcare (+0.07%). Property (-3.29%) was the largest laggard followed by technology (-1.60%) and construction (-1.53%). Trading volume was flat at 3.57bn while trading value rose to RM2.77bn (up from RM2.51bn previously). Market breadth turned negative again as 285 gainers lost out to 768 decliners.

The benchmark continued to inch higher, sticking to the dotted line (1,611-1,614) from the 1,477 low 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 given yesterday’s very weak A/D ratio. Prices are now testing the 1,611-1,614 overhead resistance with the next key resistance seen at 1,628 level. Support is at 1,593-1,598 followed by 1,574-1,579 next. NOTE: Our portfolio remains in risk-off mode this week.

Gainers: 285
Losers: 768
Unchanged: 482

DOW: 40,563.06 (1.39%)
S&P500: 5,543.22 (1.61%)
NASDAQ: 17,594.50 (2.34%)
FTSE100: 8,347.35 (0.80%)
DAX: 18.1835.24 (1.66%)
HSI: 17,109.14 (-0.02%)
STI: 3,315.73 (0.90%)
KLCI: 1,612.94 (0.04%)
​
USD: 4.4377 (0.40%)
AUD: 2.9400 (0.24%)
SGD: 3.3678 (0.20%)
EUR: 4.8869 (0.27%)
GBP: 5.7041 (0.41%)
JPY: 2.9750 (-0.89%)
CNY: 0.6185 (-0.12%)
HKD: 0.5692 (0.33%)
​
WTI: 78.16 (1.53%)
Brent: 81.04 (1.60%)
GOLD: 2,456.79 (0.37%)
3rd MONTH FCPO: 3,754.00 (0.83%)
Msia 10 yr bond yield: 3.7680 (0.32%)
US 10 yr bond yield: 3.9131 (2.03%)
ICE LIBOR USD 3M: 5.3571 (-0.42%)
Bitcoin Futures: 58,200 (-2.10%)
Source: Bloomberg

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