KUALA LUMPUR, Sept 14 — The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to consolidate next week, mirroring the trends in the underlying cash market.
According to Thong Pak Leng, Vice-President of Equity Research at Rakuten Trade Sdn Bhd, the index needs to surpass the 1,670 resistance level to regain its bullish momentum. “If this resistance level is breached with significant trading volume, the next target may be the 1,700 resistance level,” Thong noted.
Market Performance for the Week:
September 2024 Contract: Increased by 12.0 points to 1,647.5
October 2024 Contract: Rose by 11.50 points to 1,650.0
December 2024 Contract: Advanced by 11.50 points to 1,654.0
March 2025 Contract: Gained 12.5 points to 1,641.0
Trading Activity:
Turnover: Decreased to 26,397 lots from 39,004 lots the previous week.
Open Interest: Narrowed to 52,194 contracts from 55,697 contracts.
Overall, the market is anticipated to continue consolidating in the near term, with traders watching closely for any movement beyond the critical resistance levels.
