By Zarul Effendi Razali
KUALA LUMPUR, Oct 5 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to move in tandem with the underlying cash market next week.
Rakuten Trade Sdn Bhd’s vice-president of equity research, Thong Pak Leng anticipates the FBM KLCI to move within the 1,625-1,640 range, representing the support and resistance levels.
“We remain cautious in our outlook for the local market, as sentiments have temporarily weakened.
“However, with undemanding valuations and stable economic fundamentals, we expect the FBM KLCI to stay in consolidation mode and trade rangebound next week with an upside bias, awaiting bargain-hunting opportunities,” he told Bernama.
For the week just ended, spot month October 2024 declined 36.0 points to 1,627.5, December 2024 slid 35.5 points to 1,634.5 and March 2025 slipped 33.0 points to 1,622.5, while the new contract month November 2024 stood at 1,630.5.
Turnover reduced to 48,310 lots from 196,103 lots the previous week, while open interest decreased to 49,905 contracts from 90,858 contracts previously.
On a Friday-to-Friday basis, the FBM KLCI fell 30.12 points to 1,629.97, compared to 1,660.09 the previous week.
-- BERNAMA
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