Most Asian stock markets nudged higher to start the week on a brighter note amid hopes for further stimulus by China. The local benchmark FBMKLCI (KLCI) however, bucked the regional trend, losing 3.52pts or 0.21% to end the day at 1,665.30. Most sector ended in the red with construction (-1.08%), technology (-1.03%) and healthcare (-0.90%) leading the underperformers. Only property (+0.82%), REIT (+0.41%), telecommunications (+0.16%) and financial services (+0.05%) finished higher for the day. Trading volume dropped to 3.36bn (down from 4.19bn previously) while trading value tumbled to RM3.17bn (down from RM5.97bn previously). Market breadth turned negative as 458 gainers lost out to 675 decliners.

The benchmark fell and filled last Friday’s gap before extending the downward pressure during the day. However, the bulls managed to edge it in the end when the closing price was marginally above the 50% mark of yesterday’s trading range. The odds are still in favour of the bulls in the near term. The KLCI may climb up to retest the tough 1,680-1,686 levels next. The following resistance is the 1,700 psychological level. Immediate support is seen at 1,649-1,651. The 1,632-1,638 (May-July highs) levels remains the key 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: 458
Losers: 675
Unchanged: 500

DOW: 42,124.65 (0.15%)
S&P500: 5,718.57 (0.28%)
NASDAQ: 17,974.27 (0.14%)
FTSE100: 8,259.71 (0.36%)
DAX: 18,846.79 (0.68%)
HSI: 18,247.11 (-0.06%)
STI: 3,638.54 (0.38%)
KLCI: 1,665.30 (-0.21%)
​
USD: 4.2030 (-0.02%)
AUD: 2.8654 (0.14%)
SGD: 3.2524 (-0.03%)
EUR: 4.6679 (-0.51%)
GBP: 5.5847 (-0.06%)
JPY: 2.9273 (0.21%)
CNY: 0.5960 (0.01%)
HKD: 0.5398 (0.07%)
​
WTI: 70.37 (-0.89%)
Brent: 73.90 (-0.79%)
GOLD: 2,628.72 (0.26%)
3rd MONTH FCPO: 3,977.00 (0.76%)
Msia 10 yr bond yield: 3.7050 (0.00%)
US 10 yr bond yield: 3.7489 (0.20%)
ICE LIBOR USD 3M: 4.9529 (-1.24%)
Bitcoin Futures: 63,785 (0.61%)
Source: Bloomberg

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