The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to trend sideways next week, trailing a similar trend on the cash market. Apex Securities Bhd head of research Kenneth Leong opined that the FBM KLCI has formed a bearish candle as the key index closed lower today. 'For now, we expect the FBM KLCI trend on a sideways tone in the absence of a fresh catalyst with the 1,600 pts in focus. Immediate resistance is located at 1,630. 'Downside-wise, support remains pegged at 1,580,' he told Bernama. For the week just ended, the spot month July 2024 gained 22.5 points to 1,619.0, while the newly-introduced month August 2024 stood at 1,621.0. September 2024 was 20.5 points firmer at 1,604.0 and December 2024 rose 22.5 points to 1,611.5. During the week, turnover sank to 42,247 lots from 181,605 lots in the previous week, while open interest decreased by 49,859 contracts from 57,416 contracts previously. On a Friday-to-Friday basis, FBM KLCI rose 20.93 points to 1, 611.02 from last week's 1,590.09. Source: BERNAMA News Agency
Friday, October 18, 2024