Asian stock markets finished the week lower with Philippines’ PSEi (-2.93%) leading the losses. The local benchmark FBMKLCI (KLCI) fell for the fifth consecutive session, reducing 2.32pts or 0.15% to end Friday at 1,590.37. Week-on-week, the index tumbled 16.95pts or 1.05%. A few sectors rebounded on Friday led by construction (+0.69%), consumer products (+0.39%) and plantation (+0.29%). On the flip note, energy (-1.07%), healthcare (-0.54%) and telecommunications (-0.26%) were the top laggards. Trading volume increased to 5.83bn (up from 5.04bn on Thursday) while trading value jumped to RM6.06bn (up from RM3.43bn previously). Market breadth turned slightly positive as 600 gainers marginally beat 586 decliners.

The benchmark formed a black inverted hammer last Friday and formed its ninth consecutive black candle. The KLCI also closed marginally below the 50-day EMA. The 1,590-1,600 levels (which includes the 50-day EMA) provided some support but can the bulls withstand the current onslaught? The current consolidation from mid-May may extend further if there is a break below this said support band, targeting a retest of 1,565-1,575 next. The falling 20-day EMA and the trend line from the 1,632 high are the immediate resistance. NOTE: Our portfolio has reverted to risk-off mode this week.

Gainers: 600
Losers: 586
Unchanged: 477

DOW: 39,150.33 (0.04%)
S&P500: 5,464.62 (-0.16%)
NASDAQ: 17,689.36 (-0.18%)
FTSE100: 8,237.72 (-0.42%)
DAX: 18,163.52 (-0.50%)
HSI: 18,028.52 (-1.67%)
STI: 3,306.02 (0.18%)
KLCI: 1,590.37 (-0.15%)
​
USD: 4.7127 (0.07%)
AUD: 3.1350 (-0.18%)
SGD: 3.4800 (-0.06%)
EUR: 5.0417 (-0.19%)
GBP: 5.9631 (-0.35%)
JPY: 2.9490 (-0.49%)
CNY: 0.6491 (0.06%)
HKD: 0.6039 (0.08%)
​
WTI: 80.73 (-0.69%)
Brent: 85.24 (-0.55%)
GOLD: 2,321.98 (-1.61%)
3rd MONTH FCPO: 3,900.00 (-1.49%)
Msia 10 yr bond yield: 3.8560 (-0.16%)
US 10 yr bond yield: 4.2554 (-0.09%)
ICE LIBOR USD 3M: 5.6091 (0.00%)
Bitcoin Futures: 64,810 (-1.37%)
Source: Bloomberg

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