Most Asian stock markets declined on Monday led by Korea KOSPI (-2.78%). The local benchmark FBMKLCI (KLCI) slipped 1.82pts or 0.11% to end the day at 1,611.43. The broader market was dragged by utilities (-1.19%), transportation (-0.75%) and energy (-0.70%). Plantation (+0.15%) was the sole gainer for the day. Trading volume decreased to 3.02bn (down from 3.18bn previously) while trading value fell to RM2.40bn (down from RM2.82bn previously). Market breadth turned negative as 433 gainers underperformed 662 decliners.

The benchmark gapped down at the opening session but late-hour buying sent the index to close above its 20-day EMA yesterday. More sideways chop is likely with the 1,614-1,624 support-turned-resistance level being a tough nut to crack (including the 50-day EMA). As long the index supported above the 200-day EMA and the recent double bottom low at 1,587-1,589, the odds are still in favour of the bulls. Otherwise, any close below these lows would likely signal further weakness is possible thereafter as the downtrend from the 1,675-1,684 highs is extending. The next support is seen at 1,574-1,581 (which includes the Jun24 low) followed by 1,565. NOTE: Our portfolio turns into *risk-on mode* this week.

Gainers: 433
Losers: 662
Unchanged: 478

DOW: 44.401.93 (-0.54%)
S&P500: 6,052.85 (-0.61%)
NASDAQ: 19,736.69 (-0.62%)
FTSE100: 8,352.08 (0.52%)
DAX: 20,345.96 (-0.19%)
HSI: 20,414.09 (2.76%)
STI: 3,794.92 (-0.03%)
KLCI: 1,611.43 (-0.11%)
​
USD: 4.4253 (0.13%)
AUD: 2.8505 (0.40%)
SGD: 3.3050 (0.25%)
EUR: 4.6760 (0.03%)
GBP: 5.6520 (0.27%)
JPY: 2.9258 (-0.68%)
CNY: 0.6097 (0.16%)
HKD: 0.5692 (0.19%)
​
WTI: 68.37 (1.74%)
Brent: 71.90 (1.10%)
GOLD: 2,660.30 (1.02%)
3rd MONTH FCPO: 5,120.00 (-0.16%)
Msia 10 yr bond yield: 3.7890 (0.05%)
US 10 yr bond yield: 4.2012 (1.16%)
Bitcoin Futures: 98,065 (-5.50%)
Source: Bloomberg

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