Most Asian stock markets staged a rebound on Thursday led by Japan Nikkei’s 225 (+3.41%). However, the local benchmark FBMKLCI (KLCI) slid 1.49pts or 0.09% to end the day at 1,638.10. Financial services (-0.43%) and REIT (-0.15%) were the top laggards. The outperforming sectors were technology (+2.82%), construction (+2.32%) and energy (+1.49%). Trading volume dropped to 2.61bn (down from 2.96bn previously) while trading value fell to RM2.94bn (down from RM3.34bn previously). Market breadth turned positive as 669 gainers beat 353 decliners.

The benchmark eased further and closed at its lowest in 2-weeks (below the 20-day EMA). The small structure of lower lows and lower highs signals that the immediate trend is still down. Further weakness to test the 50-day EMA (1,631) may be next. Closing below the 1,632-1,638 (May-July highs) levels would turn us bearish for the overall market in the short-term. The upside resistance is seen at 1,559-1,663 followed by the tough 1,680-1,686 levels. NOTE: Our portfolio stays in *risk-on mode* this week. However, it would revert to its risk-off mode next week if the KLCI closes below 1,636 on Friday.

Gainers: 669
Losers: 353
Unchanged: 442

DOW: 41,096.77 (0.58%)
S&P500: 5,595.76 (0.75%)
NASDAQ: 17,569.68 (1.00%)
FTSE100: 8,240.97 (0.57%)
DAX: 18,518.39 (1.03%)
HSI: 17,240.39 (0.77%)
STI: 3,556.53 (0.72%)
KLCI: 1,638.31 (-0.09%)
​
USD: 4.3350 (0.12%)
AUD: 2.8932 (0.34%)
SGD: 3.3209 (-0.12%)
EUR: 4.7750 (-0.12%)
GBP: 5.6579 (-0.14%)
JPY: 3.0580 (0.59%)
CNY: 0.6087 (0.09%)
HKD: 0.5556 (0.04%)
​
WTI: 68.97 (2.47%)
Brent: 71.97 (1.93%)
GOLD: 2,557.90 (1.84%)
3rd MONTH FCPO: 3,852.00 (-1.26%)
Msia 10 yr bond yield: 3.7290 (-0.05%)
US 10 yr bond yield: 3.6740 (0.56%)
ICE LIBOR USD 3M: 5.1929 (-0.34%)
Bitcoin Futures: 58,555 (0.99%)
Source: Bloomberg

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