By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Aug 31 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to move in line with the underlying cash market next week.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local market is expected to stay steady, with sentiment improving globally, although some profit-taking may occur.
“The index shows strong bullish momentum, trading above the 20-day and 50-day exponential moving average, reinforcing the current uptrend.
“Resistance may be seen at 1,680 and 1,700, with support at 1,635 and 1,620,” he told Bernama.
He said while the outlook remains positive, caution is advised as the market approaches overbought levels.
For the week just ended, the August 2024 contract climbed 56 points to 1,670.5, September 2024 and March 2025 contracts garnered 49 points each to 1,671.5 and 1,662.5 respectively and December 2024 surged 50.5 points to 1,677.5.
Turnover jumped to 205,479 lots from 46,457 lots in the previous week, while open interest soared to 65,635 contracts from 49,429 contracts.
On a Friday-to-Friday basis, the FBM KLCI increased by 43.06 points to 1,678.80 from last week's 1,635.74.
-- BERNAMA