Asian stock markets finished the week on a mixed note ahead of Fed Chair Jerome Powell’s Friday speech. The local benchmark FBMKLCI (KLCI) lost 5.92pts or 0.36% to end the day at 1,635.74. However, the index still gained 11.84pts or 0.73% week-on-week. Selling pressure weighed across the board last Friday with technology (-3.19%), property (-1.68%) and healthcare (-1.30%) being the top laggards. The only gainers were energy (+0.10%) and plantation (+0.01%). Trading volume decreased to 3.53bn (down from 3.73bn previously) while trading value dropped to RM2.80bn (down from RM3.08bn previously). Market breadth stayed negative as 255 gainers thumped by 888 decliners.

The benchmark appears to be still in the process of finding its base. For now, we maintain our view that the current weakness is just a pullback in the larger trend. However, falling back and closing below 1,632-1,638 (May-July highs) likely warns that the recent pop-up to 1,660 may turn out to be just a fake-out. Coupled with the triple bearish divergence (not shown here), there is a need to be cautious. We will turn short-term bearish if the KLCI closed below the 1,614-1,624 support. The following support is at 1,593-1,598. On the upside, resistance is seen at 1,660 and 1,680. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 255
Losers: 888
Unchanged: 427

DOW: 41,175.08 (1.14%)
S&P500: 5,634.61 (1.15%)
NASDAQ: 17,877.79 (1.47%)
FTSE100: 8,327.78 (0.48%)
DAX: 18,633.10 (0.76%)
HSI: 17,612.10 (-0.16%)
STI: 3,387.99 (0.43%)
KLCI: 1,635.74 (-0.36%)
​
USD: 4.3748 (-0.07%)
AUD: 2.9433 (-0.26%)
SGD: 3.3432 (-0.18%)
EUR: 4.8637 (-0.27%)
GBP: 5.7425 (-0.06%)
JPY: 3.0300 (1.19%)
CNY: 0.6130 (0.06%)
HKD: 0.5612 (-0.05%)
​
WTI: 74.83 (2.49%)
Brent: 79.02 (2.33%)
GOLD: 2,512.59 (1.12%)
3rd MONTH FCPO: 3,867.00 (1.07%)
Msia 10 yr bond yield: 3.7740 (0.08%)
US 10 yr bond yield: 3.7990 (-1.38%)
ICE LIBOR USD 3M: 5.3423 (-0.36%)
Bitcoin Futures: 64,330 (5.37%)
Source: Bloomberg

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