KUALA LUMPUR – The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract is expected to trade cautiously next week, in line with the underlying cash market.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said investors would be focusing on the US Federal Reserve meeting next week.
“The local market will see a relatively slower participation of investors next week amid the holiday-shortened week, with the Thaipusam celebration on Thursday.
“Aside from that, the ringgit is expected to trade within a range of RM4.02 to RM4.03 per dollar next week, given the support from Bank Negara Malaysia’s move to keep the overnight policy rate (OPR) unchanged on Wednesday,” he told Bernama.
On a weekly basis, spot month January 2021 decreased 34.5 points to 1,596.5, February 2021 receded 37.0 points to 1,596.5, March 2021 eased 36.0 points to 1,591.0, and June 2021 was 36.5 points lower at 1,584.5.
Turnover shrank to 39,129 lots yesterday from 45,908 lots the previous week, while open interest widened to 41,121 contracts from 37,214 contracts.
The FBM KLCI rose 1.94 points to 1,596.74 on Friday from 1,627.01 previously. – Bernama, January 23, 2021
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