Asian stock markets finished lower on Monday with Hong Kong’s HSI (-1.55%) taking the worst hit. Last Friday, the local benchmark FBMKLCI (KLCI) dropped 5.73pts or 0.35% to end the week at 1,611.02. However, the index surged 20.93pts or 1.32% week-on-week. Profit-taking activities were seen across the board with telecommunications (-0.73%), property (-0.39%) and financial services (-0.32%) being the top laggards last Friday. Industrial products (+0.37%), REIT (+0.35%) and consumer products (+0.24%) were among the gainers. Trading volume fell to 4.34bn (down from 4.93bn on Thursday) while trading value reduced to RM2.95bn (down from RM3.79bn previously). Market breadth turned negative as 447 gainers lost out to 670 losers.

The benchmark formed a black candle last Friday, signaling a minor pullback may be underway after the shooting star pattern seen on Thursday. Nonetheless, the bulls still have the upper hand for the short-to-medium-term as long as the KLCI stays above the flag resistance turned support (1,603). We continue to expect higher prices ahead for the benchmark, targeting 1,622 and 1,632 next. We would not rule out a move to a new 52-week high in the weeks ahead. Support is at 1,603 followed by 1,593 (50-day EMA). NOTE: Our portfolio has reverted to risk-on mode this week.

Gainers: 447
Losers: 670
Unchanged: 490

DOW: 39,344.79 (-0.08%)
S&P500: 5,572.85 (0.10%)
NASDAQ: 18,403.74 (0.28%)
FTSE100: 8,193.49 (-0.13%)
DAX: 18,472.05 (-0.02%)
HSI: 17,524.06 (-1.55%)
STI: 3,404.47 (-0.19%)
KLCI: 1,611.02 (CLOSED)
​
USD: 4.7087 (0.00%)
AUD: 3.1720 (0.00%)
SGD: 3.4896 (0.00%)
EUR: 5.0982 (0.00%)
GBP: 6.0218 (0.00%)
JPY: 2.9283 (-0.03%)
CNY: 0.6478 (-0.01%)
HKD: 0.6029 (0.03%)
​
WTI: 82.33 (-1.00%)
Brent: 85.75 (-0.91%)
GOLD: 2,359.13 (-1.38%)
3rd MONTH FCPO: 4,042.00 (0.00%)
Msia 10 yr bond yield: 3.8550 (0.00%)
US 10 yr bond yield: 4.2783 (0.00%)
ICE LIBOR USD 3M: 5.5685 (0.00%)
Bitcoin Futures: 57,360 (0.12%)
Source: Bloomberg

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