Profit taking activities was seen in most Asian stock markets, with Korea’s KOSPI (-0.82%) leading the losses. The local benchmark FBMKLCI (KLCI) lost 11.23pts or 0.67% to end the day at 1,660.09. Week-on-week, the index erased 8.73pts or 0.52%. The worst performing sectors for the day were utilities (-1.42%), financial services (-1.06%) and healthcare (-0.46%). On a positive note, industrial products (+0.25%), construction (+0.18%) and plantation (+0.12%) were the top gainers. Trading volume eased further to 3.02bn (down from 3.13bn previously) while trading value fell to RM2.68bn (down from RM2.84bn previously). Market breadth stayed negative for the third consecutive session as 448 gainers weighed by 642 decliners.

The benchmark formed a 5-candle reversal pattern following the setup of a black candle last Friday. A deeper consolidation is likely to occur next with 1,649-1,651 acting as the immediate support. 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. At this juncture, we reckon that buyers may have to take a breather for a while longer. On the upside, the overhead resistance for the KLCI is at the tough 1,680-1,686 levels, followed by the 1,700 psychological level. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 448
Losers: 642
Unchanged: 478

DOW: 42,313.00 (0.33%)
S&P500: 5,738.17 (-0.13%)
NASDAQ: 18,119.59 (-0.39%)
FTSE100: 8,320.76 (0.43%)
DAX: 19,473.63 (1.22%)
HSI: 20,632.30 (3.55%)
STI: 3,573.36 (-0.25%)
KLCI: 1,660.09 (-0.67%)
​
USD: 4.1255 (-0.49%)
AUD: 2.8415 (-0.20%)
SGD: 3.2167 (-0.18%)
EUR: 4.6039 (-0.34%)
GBP: 5.5214 (-0.29%)
JPY: 2.9012 (1.42%)
CNY: 0.5882 (-0.53%)
HKD: 0.5307 (-0.41%)
​
WTI: 68.18 (0.75%)
Brent: 71.98 (0.53%)
GOLD: 2,658.24 (-0.53%)
3rd MONTH FCPO: 4,051.00 (-2.43%)
Msia 10 yr bond yield: 3.7170 (-0.16%)
US 10 yr bond yield: 3.7506 (-1.20%)
ICE LIBOR USD 3M: 4.8653 (-0.81%)
Bitcoin Futures: 66,140 (0.69%)
Source: Bloomberg

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