Asian stock markets went risk-off on Wednesday with both Taiwan TAIEX’s (-4.52%) and Japan’s Nikkei 225 (-4.24%) being the worst hit. The local benchmark FBMKLCI (KLCI) dropped 6.41pts or 0.38% to end the day at 1,670.24. Most sectors were in the red, dragged by technology (-2.73%), energy (-2.06%) and utilities (-1.19%). The outperforming sectors were telecommunications (+0.68%) and plantation (+0.05%). Trading volume increased to 3.04bn (up from 2.98bn previously) whereas trading value slipped further to RM2.89bn (down from RM2.94bn previously). Market breadth stayed negative as 307 gainers were thumped by 813 decliners.

The benchmark gapped down yesterday but the bulls managed to claw back some of the losses. This rebound shows that the bulls still have the upper hand amid the expansion in volatility. Overhead resistances are unchanged surrounding the 1,680-1,686 levels next. The 1,700 psychological level may also act as a magnet to draw prices higher in the near-term. The 1,632-1,638 (May-July highs) levels remain as support for now. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 307
Losers: 813
Unchanged: 438

DOW: 40,974.97 (0.09%)
S&P500: 5,520.07 (-0.16%)
NASDAQ: 17,084.30 (-0.30%)
FTSE100: 8,269.60 (-0.35%)
DAX: 18,591.85 (-0.83%)
HSI: 17,457.34 (-1.10%)
STI: 3,441.38 (-1.12%)
KLCI: 1,670.24 (-0.38%)
​
USD: 4.3533 (-0.36%)
AUD: 2.9230 (-0.66%)
SGD: 3.3324 (-0.16%)
EUR: 4.8119 (-0.24%)
GBP: 5.7104 (-0.34%)
JPY: 3.0318 (0.88%)
CNY: 0.6120 (-0.25%)
HKD: 0.5584 (-0.32%)
​
WTI: 69.20 (-1.62%)
Brent: 72.70 (-1.42%)
GOLD: 2,495.72 (0.11%)
3rd MONTH FCPO: 3,886.00 (-1.14%)
Msia 10 yr bond yield: 3.7660 (-0.08%)
US 10 yr bond yield: 3.7552 (-1.98%)
ICE LIBOR USD 3M: 5.2731 (-0.10%)
Bitcoin Futures: 58,785 (0.15%)
Source: Bloomberg

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