Asian stock markets rebounded on Friday with Indonesia’s JCI (+1.37%) leading the charge. The local benchmark FBMKLCI (KLCI) recouped earlier losses, climbing 5.15pts or 0.32% to end the day at 1,590.09. The index stayed relatively flat week-on-week but fell 6.59pts or 0.41% month-on-month. Top gainers for the day were telecommunications (+1.86%), healthcare (+1.38%) and property (+1.18%). REIT (-0.04%) was the sole laggard. Trading volume increased to 4.30bn (up from 4.23bn on Thursday) whereas trading value reduced to RM3.08bn (down from RM3.13bn previously). Market breadth turned positive as 673 gainers outweighed 411 losers.

The benchmark formed a white candle last Friday, hovering around the 50-day EMA. The odds are still in favour of the bears for the immediate term as the KLCI remains below the trend line drawn from the 1,446 low. Falling below 1,582 may see the benchmark fall to test the 1,565-1,575 support next. There is still light at the end of the tunnel, however. The benchmark needs to close firmly above Wednesday’s high of 1,593 to signal that a short-term rebound up to test the psychological 1,600 resistance is likely taking place. The following resistance is the downtrend line (1,606) from 1,632. NOTE: Our portfolio is in risk-off mode this week.

Gainers: 673
Losers: 411
Unchanged: 488

DOW: 39,118.86 (-0.12%)
S&P500: 5,460.48 (-0.41%)
NASDAQ: 17,732.60 (-0.71%)
FTSE100: 8,164.12 (-0.19%)
DAX: 18,235.45 (0.14%)
HSI: 17,718.61 (0.01%)
STI: 3,332.80 (-0.32%)
KLCI: 1,590.09 (0.32%)
​
USD: 4.7175 (0.00%)
AUD: 3.1393 (-0.21%)
SGD: 3.4806 (0.09%)
EUR: 5.0520 (0.11%)
GBP: 5.9672 (0.01%)
JPY: 2.9322 (-0.11%)
CNY: 0.6492 (0.02%)
HKD: 0.6041 (0.00%)
​
WTI: 81.54 (-0.24%)
Brent: 85.00 (-0.30%)
GOLD: 2,326.75 (-0.04%)
3rd MONTH FCPO: 3,916.00 (0.67%)
Msia 10 yr bond yield: 3.8610 (-0.13%)
US 10 yr bond yield: 4.3961 (2.56%)
ICE LIBOR USD 3M: 5.5932 (-0.05%)
Bitcoin Futures: 60,910 (-1.76%)
Source: Bloomberg

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