Most Asian stock markets finished lower on Wednesday ahead of the Fed’s interest rate decision. The local benchmark FBMKLCI (KLCI) gave up 3.69pts or 0.22% to end the day at 1,660.59. Profit-taking was seen in healthcare (-1.31%), utilities (-1.16%) and energy (-0.86%). On the flip note, technology (+0.64%), construction (+0.50%) and REIT (+0.19%) closed in the black. Trading volume dropped to 2.30bn (down from 3.19bn previously) while trading value fell to RM2.75bn (down from RM3.35bn previously). Market breadth turned negative as 442 gainers lost out to 526 decliners.

The benchmark traded in a narrow range yesterday, keeping its position above the 20-day EMA. We expect further upside in the days ahead after the breakout above the bullish flag pattern from the 1,684 high. Follow-through buying may take the KLCI back up to retest the tough 1,680-1,686 levels. The 1,632-1,638 (May-July highs) levels remains the near-term support as any break below would be short-term negative for the overall market. NOTE: Our portfolio stays in risk-on mode this week.

Gainers: 442
Losers: 526
Unchanged: 489

DOW: 41,503.10 (-0.25%)
S&P500: 5,618.26 (-0.29%)
NASDAQ: 17,573.30 (-0.31%)
FTSE100: 8,253.68 (-0.68%)
DAX: 18,711.49 (-0.08%)
HSI: 17,660.02 (CLOSED)
STI: 3,592.42 (-0.03%)
KLCI: 1,660.59 (-0.22%)
​
USD: 4.2435 (-0.36%)
AUD: 2.8791 (-0.03%)
SGD: 3.2809 (-0.38%)
EUR: 4.7260 (-0.37%)
GBP: 5.6120 (-0.33%)
JPY: 2.9850 (-0.33%)
CNY: 0.5991 (-0.16%)
HKD: 0.5446 (-0.35%)
​
WTI: 70.91 (-0.39%)
Brent: 73.65 (-0.07%)
GOLD: 2,558.91 (-0.41%)
3rd MONTH FCPO: 3,845.00 (2.92%)
Msia 10 yr bond yield: 3.6850 (-0.86%)
US 10 yr bond yield: 3.7038 (1.60%)
ICE LIBOR USD 3M: 5.0812 (-0.85%)
Bitcoin Futures: 61,030 (0.79%)
Source: Bloomberg

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