KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to trade sideways on cautious sentiment next week, tracking the movement in the underlying cash market.
Speaking to Bernama, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI is likely to trend within the 1,560 to 1,580 range next week, with immediate support at 1,550, while resistance at 1,585.
For the week just ended, May 2022 slid 28.5 points to 1,557.5, June 2022 lost 30.0 points to 1,557.0, September 2022 declined 38.5 points to 1,548.0, and December 2022 inched down 25.5 points to 1,550.0.
Turnover dipped to 26,096 lots from 109,242 lots in the previous week while open interest widened to 41,882 contracts from 40,756 contracts.
On a weekly basis, the FBM KLCI fell 36.09 points to end the week at 1,564.34 from 1,600.43 in the previous week.
Bursa Malaysia Bhd and its subsidiaries were closed from May 2-4 in conjunction with the Labour Day replacement holiday and Hari Raya Aidilfitri holidays. — Bernama