Asian stock markets saw its worst week since July amid muted trading as Hong Kong’s market was halted due to a typhoon. The local benchmark FBMKLCI (KLCI) shed 11.70pts or 0.70% to end the week at 1,653.12. Week-on-week, the index lost 25.68pts or 1.53%. Most sectors closed in the negative territory except for plantation (+0.25%), FBMACE (+0.07%) and REIT (+0.02%). The top laggards were construction (-1.64%), energy (-1.43%) and industrial products (-1.17%). Trading volume eased to 2.35bn (down from 3.30bn previously) while trading value fell to RM3.06bn (down from RM3.43bn previously). Market breadth stayed negative for the fourth day in a row as 316 gainers underperformed 662 decliners.

The benchmark saw further selling on Friday, continuing on from the loosening of the bulls’ grip on Thursday. The KLCI broke the previous uptrend structure (albeit marginally), potentially signalling that a reversal may be taking place now. With the index still trading above all the EMAs, one can still argue that the overall trend is still up but we prefer to be cautious. The A/D ratio does not show any signs of oversold yet, allowing for further weakness in the days ahead. The overhead resistance at the 1,680-1,686 levels are likely to be strong. We would turn short-term negative on the KLCI if there is a close below the 1,632-1,638 (May-July highs) levels. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 316
Losers: 662
Unchanged: 474

DOW: 40,345.41 (-1.01%)
S&P500: 5,408.42 (-1.73%)
NASDAQ: 16,690.83 (-2.55%)
FTSE100: 8,181.47 (-0.73%)
DAX: 18,301.90 (-1.48%)
HSI: 17,444.30 (-0.07%)
STI: 3,454.47 (-0.12%)
KLCI: 1,653.12 (-0.70%)
​
USD: 4.3302 (-0.18%)
AUD: 2.9186 (0.11%)
SGD: 3.3352 (0.09%)
EUR: 4.8125 (-0.01%)
GBP: 5.7053 (-0.06%)
JPY: 3.0432 (0.62%)
CNY: 0.6113 (-0.05%)
HKD: 0.5556 (-0.16%)
​
WTI: 67.67 (-2.14%)
Brent: 71.06 (-2.24%)
GOLD: 2,497.41 (-0.77%)
3rd MONTH FCPO: 3,898.00 (-0.49%)
Msia 10 yr bond yield: 3.7320 (-0.48%)
US 10 yr bond yield: 3.7080 (-0.51%)
ICE LIBOR USD 3M: 5.2003 (-1.06%)
Bitcoin Futures: 54,105 (-4.15%)
Source: Bloomberg

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