FBM KLCI Futures Likely To Trade Rangebound Next Week
By Kisho Kumari Sucedaram
KUALA LUMPUR, Oct 12 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to move rangebound next week, in line with the underlying cash market, an analyst said.
Rakuten Trade vice president of equity research, Thong Pak Leng, expects the index to move within the 1,630-1,650 points range, with a breakout above 1,650 indicating a more sustained upward trend.
"The outlook for the long-term remains optimistic, supported by improving economic conditions, stronger corporate earnings, and significant foreign direct investments, which are expected to boost market momentum,” he told Bernama.
For the week just ended, the spot month October 2024 contract added 6.0 points to 1,638.0, while November 2024 gained 5.5. points to 1,641.0, December 2024 rose 4.5 points to 1,644.0 and March 2025 climbed 5.0 points to 1,632.0.
Turnover dropped to 32,671 lots from 48,310 lots the previous week, while open interest decreased to 46,608 contracts from 49,905 contracts previously.
On a Friday-to-Friday basis, the FBM KLCI gained 3.58 points to 1,633.55 from 1,629.97 in the previous week.
-- BERNAMA