Asian stock markets finished higher on Monday led by Hong Kong’s HSI (+1.06%). The local benchmark FBMKLCI (KLCI) inched up 3.22pts or 0.20% to end the day at 1,638.96. Buying interest was seen in energy (+1.51%), industrial products (+0.71%) and REIT (+0.62%). Top laggards were technology (-0.94%), healthcare (-0.77%) and utilities (-0.03%). Trading volume continued to fall to 2.83bn (down from 3.53bn previously) while trading value tapered off to RM2.62bn (down from RM2.80bn previously). Market breadth stayed negative as 506 gainers lost out marginally to 578 decliners.

The benchmark moved in a tight range with little fluctuations yesterday. The base-building phase appears to be still on-going. 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 stays in risk-on mode this week.

Gainers: 506
Losers: 578
Unchanged: 434

DOW: 41,240.52 (0.16%)
S&P500: 5,616.84 (-0.32%)
NASDAQ: 17,725.77 (-0.85%)
FTSE100: 8,327.78 (CLOSED)
DAX: 18,617.02 (-0.09%)
HSI: 17,798.73 (1.06%)
STI: 3,396.03 (0.24%)
KLCI: 1,638.96 (0.20%)
​
USD: 4.3488 (-0.59%)
AUD: 2.9456 (0.08%)
SGD: 3.3384 (-0.14%)
EUR: 4.8595 (-0.09%)
GBP: 5.7354 (-0.12%)
JPY: 3.0127 (-0.57%)
CNY: 0.6106 (-0.38%)
HKD: 0.5577 (-0.62%)
​
WTI: 77.42 (3.46%)
Brent: 81.43 (3.05%)
GOLD: 2,518.03 (0.22%)
3rd MONTH FCPO: 3,924.00 (1.47%)
Msia 10 yr bond yield: 3.7660 (-0.21%)
US 10 yr bond yield: 3.8160 (0.45%)
ICE LIBOR USD 3M: 5.3423 (0.00%)
Bitcoin Futures: 63,740 (-0.92%)
Source: Bloomberg

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