Asian stock markets advanced on Tuesday led by Taiwan’s TAIEX (+1.16%). However, the local benchmark FBMKLCI (KLCI) inched down 1.19pts or 0.07% to end the day at 1,606.13. Top laggards were seen in utilities (-1.31%), transportation (-0.75%) and property (-0.64%). The only gainers for the day were plantation (+0.31%), consumer products (+0.19%) and energy (+0.04%). Trading volume increased to 5.93bn (up from 5.64bn on Friday) while trading value rose to RM4.15bn (up from RM3.92bn previously). Market breadth stayed negative as 480 gainers thumped by 766 decliners.

The benchmark formed its sixth consecutive black candle yesterday despite gains in the morning session. We maintain our view that the index may stay rangebound in the near term with support seen at 1,590-1,600 levels. The trend line from the 1,632 high is likely to cap its near-term gains. The index needs to overcome and close above the trend line (1,616) and 1,622 to confirm the swing up to retest of the 52-week high at 1,632 and beyond is underway. Our portfolio stays in risk-on mode this week.

Gainers: 480
Losers: 766
Unchanged: 455

DOW: 38,834.86 (0.15%)
S&P500: 5,487.03 (0.25%)
NASDAQ: 17,862.23 (0.03%)
FTSE100: 8,191.29 (0.60%)
DAX: 18,131.97 (0.35%)
HSI: 17,915.55 (-0.11%)
STI: 3,301.78 (0.13%)
KLCI: 1,606.13 (-0.07%)
​
USD: 4.7133 (-0.16%)
AUD: 3.1188 (0.02%)
SGD: 3.4811 (-0.17%)
EUR: 5.0524 (0.13%)
GBP: 5.9785 (-0.33%)
JPY: 2.9854 (-0.27%)
CNY: 0.6498 (-0.16%)
HKD: 0.6037 (-0.12%)
​
WTI: 81.57 (1.54%)
Brent: 85.33 (1.28%)
GOLD: 2,329.46 (0.44%)
3rd MONTH FCPO: 3,883.00 (-1.35%)
Msia 10 yr bond yield: 3.8820 (0.49%)
US 10 yr bond yield: 4.2227 (-1.36%)
ICE LIBOR USD 3M: 5.6052 (-0.01%)
Bitcoin Futures: 65,055 (-3.26%)
Source: Bloomberg

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