Asian stock markets were mixed with Chinese stocks bouncing back strongly from Wednesday’s declines. The local benchmark FBMKLCI (KLCI) added 5.85pts or 0.38% to end the day at 1,551.44. Sector-wise, it was mixed. Utilities (-1.76%) led the decliners followed by health care (-0.92%) and transportation (-0.67%). Construction gained 0.71% while plantation and technology added 0.54% and 0.48% respectively. Trading volume surged to 5.34bn (up from 4.78bn on Wednesday) but trading value more than doubled to RM7.01bn (up from RM3.30bn previously). Market breadth remained negative for a fifth consecutive day as 679 decliners pounded 370 winners.

The benchmark continued to chop sideways for a second day, consolidating gains recorded on Tuesday. The bulls should be about ready to kick on from here following almost 2 weeks of sideways consolidation. Once ready, the next wave up is likely to take the benchmark closer to the 1,570-1,583 levels. The rising trend line currently sits at 1,540, rising to 1,542 today, may act as support in the near term. The last line of defense for the bulls is at 1,534-1,538. Our portfolio stays in *risk-on mode* this week.

Gainers: 370
Losers: 679
Unchanged: 431

DOW: 38,996.39 (0.12%)
S&P500: 5,096.27 (0.52%)
NASDAQ: 16,091.92 (0.90%)
FTSE100: 7,630.02 (0.07%)
DAX: 17,678.19 (0.44%)
HSI: 16,511.44 (-0.15%)
STI: 3,141.85 (0.09%)
KLCI: 1,551.44 (0.38%)

USD: 4.7428 (-0.59%)
AUD: 3.0842 (-0.40%)
SGD: 3.5279 (-0.39%)
EUR: 5.1461 (-0.13%)
GBP: 6.0074 (-0.27%)
JPY: 3.1621 (-0.16%)
CNY: 0.6598 (-0.46%)
HKD: 0.6058 (-0.61%)

WTI: 78.26 (-0.36%)
Brent: 82.00 (-1.51%)
GOLD: 2,044.30 (0.48%)
3rd MONTH FCPO: 3,970.00 (1.61%)
Msia 10 yr bond yield: 3.8580 (-0.49%)
US 10 yr bond yield: 4.2502 (-0.32%)
ICE LIBOR USD 3M: 5.6029 (-0.03%)
Bitcoin Futures: 63,385 (4.13%)
Source: Bloomberg

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