KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to trade in a tight range next week while tracking the underlying cash market.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that the benchmark index is anticipated to hover within the 1,610-1,632 range for next week, as the momentum suggested a potential push towards the next resistance at 1,632.
Meanwhile, SPI Asset Management managing director Stephen Innes said that if the United States (US) economy could keep the recession wolf at bay, there is a shot that Bursa Malaysia could climb into the 1,620-1,630 range next week.
"With local fundamentals looking rock-solid and the global winds blowing in our favour, I am betting we are in for some more upward movement," he told Bernama.
For the week just ended, the August 2024 contract increased 31.5 points to 1,625, September 2024 was 30.5 points higher at 1,606, while December 2024 and March 2025 strengthened 31.0 points each to 1,612 and 1,598, respectively.
During the week, turnover fell to 38,107 lots from 76,617 in the previous week, while open interest dropped to 48,130 contracts from 48,975 contracts.
On a Friday-to-Friday basis, the FBM KLCI gained 27.85 points to 1,623.90 from last week's 1,596.05.
https://www.nst.com.my/business/corporate/2024/08/1093036/fbm-klci-futures-expected-move-tight-range-next-week
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024
Created by savemalaysia | Aug 18, 2024