KUALA LUMPUR – The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract is likely to move with a downside bias next week, tracking the expected weaker performance of the underlying cash market, said a dealer.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim told Bernama that the FBM KLCI is expected to move in the range of 1,600 points to 1,625 points.
“Investors will closely watch the US Federal Reserve meeting on March 16 and 17, as its outcome will set the market direction.
“Any hawkish stance from the Fed could send jitters through the market.”
On a Friday-to-Friday basis, spot months March and June strengthened 20 points each to 1,611.0 and 1,600.0 respectively, April gained 20.5 points to 1,604.0, and September advanced 21.5 points to 1,590.0.
Turnover declined to 42,903 lots this week from 46,135 last week, while open interest improved to 46,726 contracts from 45,988 previously.
The FBM KLCI strengthened 15.57 points to 1,615.69 at the close yesterday from 1,600.12 a week earlier. – Bernama, March 13, 2021
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