Most Asian stock markets climbed higher yesterday after the FED’s shift to interest rate cuts, supporting growth. The local benchmark FBMKLCI (KLCI) gained 5.06pts or 0.30% to end the day at 1,665.65. Construction (+3.77%) led the gainers, followed by technology (+2.68%) and telecommunications (+1.98%). On the flip side, profit taking was seen in healthcare (-0.75%) and financial services (-0.23%). Trading volume surged to 3.99bn (up from 2.30bn previously) while trading value rose to RM4.08bn (up sharply from RM2.75bn previously). Market breadth turned positive again as 898 gainers thumped 322 decliners.

The benchmark continued to inch higher but the strong close yesterday likely signals that there is still more upside ahead. We expect the KLCI to push on from here after the breakout above the bullish flag pattern from the 1,684 high. Follow-through buying may take the KLCI back up to retest the tough 1,680-1,686 levels. Immediate support is seen at 1,649-1,651. The 1,632-1,638 (May-July highs) levels remains the key support as any break below would be short-term negative for the overall market. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 898
Losers: 322
Unchanged: 392

DOW: 42,025.19 (1.26%)
S&P500: 5,713.64 (1.70%)
NASDAQ: 18,013.98 (2.51%)
FTSE100: 8,328.72 (0.91%)
DAX: 19,002.38 (1.55%)
HSI: 18,013.16 (2.00%)
STI: 3,633.18 (1.13%)
KLCI: 1,665.65 (0.30%)
​
USD: 4.2065 (-0.87%)
AUD: 2.8758 (-0.11%)
SGD: 3.2600 (-0.64%)
EUR: 4.7021 (-0.51%)
GBP: 5.5873 (-0.44%)
JPY: 2.9506 (-1.15%)
CNY: 0.5953 (-0.64%)
HKD: 0.5397 (-0.90%)
​
WTI: 71.95 (1.47%)
Brent: 74.88 (1.67%)
GOLD: 2,586.74 (1.09%)
3rd MONTH FCPO: 3,876.00 (0.81%)
Msia 10 yr bond yield: 3.6970 (0.33%)
US 10 yr bond yield: 3.7131 (0.25%)
ICE LIBOR USD 3M: 5.0751 (-0.12%)
Bitcoin Futures: 63,450 (3.97%)
Source: Bloomberg

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