Asian stock markets closed mixed yesterday, dragged by losses in technology and financial shares. The local benchmark FBMKLCI (KLCI) eased another 7.45pts or 0.45% to end the day at 1,635.32. Sector-wise, it was a mixed day. Gainers were led by transportation (+0.62%), construction (+0.54%) and industrial products (+0.35%) while laggards included utilities (-0.66%), plantation (-0.34%) and healthcare (-0.34%). Trading volume tumbled to 3.28bn (down from 4.20bn previously) while trading value fell to RM2.90bn (down from RM4.55bn previously). Market breadth was slightly negative as 508 gainers lost out to 573 decliners.

Further selling took place yesterday as the benchmark gave up more ground following the long upper wick candle on Tuesday. For now, we maintain our view that the current weakness is just a pullback in the larger trend. However, falling back and closing below 1,632-1,638 (May-July highs) likely warns that the recent pop-up to 1,660 may turn out to be just a fake-out. Coupled with the triple bearish divergence (not shown here), there is a need to be cautious. We will turn short-term bearish if the KLCI closed below the 1,614-1,624 support. The following support is at 1,593-1,598. On the upside, resistance is seen at 1,660 and 1,680. NOTE: Our portfolio is reverted to risk-on mode this week.

Gainers: 508
Losers: 857
Unchanged: 433

DOW: 40,890.49 (0.14%)
S&P500: 5,620.85 (0.42%)
NASDAQ: 17,918.99 (0.57%)
FTSE100: 8,283.43 (0.12%)
DAX: 18,448.95 (0.50%)
HSI: 17,391.01 (-0.69%)
STI: 3,373.76 (0.10%)
KLCI: 1,635.32 (-0.45%)
​
USD: 4.3790 (-0.06%)
AUD: 2.9504 (0.06%)
SGD: 3.3488 (-0.01%)
EUR: 4.8682 (0.32%)
GBP: 5.7048 (0.12%)
JPY: 3.0181 (-0.02%)
CNY: 0.6140 (-0.09%)
HKD: 0.5619 (-0.12%)
​
WTI: 71.93 (-1.69%)
Brent: 76.05 (-1.49%)
GOLD: 2,512.56 (-0.06%)
3rd MONTH FCPO: 3,754.00 (1.05%)
Msia 10 yr bond yield: 3.7690 (-0.11%)
US 10 yr bond yield: 3.8010 (-0.15%)
ICE LIBOR USD 3M: 5.3827 (-0.09%)
Bitcoin Futures: 61,980 (3.14%)
Source: Bloomberg

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