Asian stock markets finished lower on Thursday dragged by technology shares. The local benchmark FBMKLCI (KLCI) tumbled 21.69pts or 1.29% to end the day at 1,653.55. Most sectors closed lower except for REIT (+0.19%) which was the sole gainer. Top laggards were construction (-4.62%), technology (-2.31%) and financial services (-1.76%). Trading volume dropped to 3.68bn (down from 3.96bn previously) while trading value reduced to RM3.97bn (down from RM4.65bn previously). Market breadth stayed negative for eight days in a row as 316 gainers hit by 851 decliners.

The benchmark gave up its intraday gains from its 44-month high yesterday (since 2020’s high of 1,695) and formed an outside bar key reversal pattern. This bearish reversal pattern, coming off a cluster of resistance at 1,680-1,686, may potentially signal that a short-term top may be in place. The weak close likely suggests that the bears will attempt to fill Wednesday’s gap of 1,652-1,657 today but we expect further weakness ahead. It is still too early to call for a major top now. We shall keep to our view that the current pullback is just a constructive move. However, closing below the 1,632-1,638 (May-July highs) levels will likely confirm that a larger and deeper correction may be taking place. Resistance levels remain at 1,680-1,686 followed by the 1,700 psychological level. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 316
Losers: 851
Unchanged: 458

DOW: 41,335.05 (0.59%)
S&P500: 5,591.96 (0.00%)
NASDAQ: 17,516.43 (-0.23%)
FTSE100: 8,379.64 (0.43%)
DAX: 18,912.57 (0.69%)
HSI: 17,786.32 (0.53%)
STI: 3,404.47 (0.40%)
KLCI: 1,653.55 (-1.29%)
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USD: 4.3110 (-0.77%)
AUD: 2.9408 (-0.36%)
SGD: 3.3145 (-0.61%)
EUR: 4.7827 (-1.13%)
GBP: 5.6877 (-1.00%)
JPY: 2.9734 (-1.17%)
CNY: 0.6074 (-0.37%)
HKD: 0.5528 (-0.74%)
​
WTI: 75.91 (1.87%)
Brent: 79.94 (1.64%)
GOLD: 2,520.58 (0.64%)
3rd MONTH FCPO: 3,940.00 (0.51%)
Msia 10 yr bond yield: 3.7540 (-0.64%)
US 10 yr bond yield: 3.8615 (0.69%)
ICE LIBOR USD 3M: 5.3188 (-0.09%)
Bitcoin Futures: 59,645 (0.51%)
Source: Bloomberg

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