Asian stock markets finished higher on Wednesday ahead of Nvidia’s earnings release. The local benchmark FBMKLCI (KLCI) surged another 22.95pts or 1.39% to end the day at 1,675.24. However, the broader market was relatively mixed with financial services (+2.83%), plantation (+1.10%) and telecommunications (+0.16%) being the only gainers. The worst performing sectors were property (-3.23%), technology (-2.75%) and energy (-2.35%). Trading volume rose to 3.96bn (up from 3.19bn previously) while trading value climbed to RM4.65bn (up from RM3.20bn previously). Market breadth stayed negative for seven days in a row as 407 gainers were thumped by 783 decliners.

Banking heavyweights continued to lift the benchmark to a new 44-month high yesterday (since 2020’s high of 1,695). The bulls are ready to resume its larger uptrend in the near term but there is a cluster of resistances surrounding the 1,680-1,686 levels followed by the 1,700 psychological level. Any pullback is viewed as a constructive move as long the KLCI stays above the 1,632-1,638 (May-July highs) levels – which remains as support for now. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 407
Losers: 783
Unchanged: 457

DOW: 41,091.42 (-0.39%)
S&P500: 5,592.18 (-0.60%)
NASDAQ: 17,556.03 (-1.12%)
FTSE100: 8,343.85 (-0.02%)
DAX: 18,782.29 (0.54%)
HSI: 17,692.45 (-1.02%)
STI: 3,391.03 (-0.22%)
KLCI: 1,675.24 (1.39%)
​
USD: 4.3443 (-0.09%)
AUD: 2.9513 (0.08%)
SGD: 3.3349 (0.00%)
EUR: 4.8376 (-0.38%)
GBP: 5.7451 (-0.17%)
JPY: 3.0087 (-0.51%)
CNY: 0.6097 (-0.11%)
HKD: 0.5569 (-0.07%)
​
WTI: 74.52 (-1.34%)
Brent: 78.65 (-1.13%)
GOLD: 2,504.61 (-0.79%)
3rd MONTH FCPO: 3,920.00 (-0.08%)
Msia 10 yr bond yield: 3.7780 (0.05%)
US 10 yr bond yield: 3.8349 (0.35%)
ICE LIBOR USD 3M: 5.3236 (-0.35%)
Bitcoin Futures: 59,490 (0.15%)
Source: Bloomberg

Source: /servlets/staticfile/554062.jsp/servlets/staticfile/554062.jspC/servlets/staticfile/554062.jspG/servlets/staticfile/554062.jspS/servlets/staticfile/554062.jsp-/servlets/staticfile/554062.jspC/servlets/staticfile/554062.jspI/servlets/staticfile/554062.jspM/servlets/staticfile/554062.jspB/servlets/staticfile/554062.jsp /servlets/staticfile/554062.jspR/servlets/staticfile/554062.jspe/servlets/staticfile/554062.jsps/servlets/staticfile/554062.jspe/servlets/staticfile/554062.jspa/servlets/staticfile/554062.jspr/servlets/staticfile/554062.jspc/servlets/staticfile/554062.jsph/servlets/staticfile/554062.jsp/servlets/staticfile/554062.jsp - 29 Aug 2024