KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to move higher next week on persistent optimism for the local equity market.
Rakuten Trade equity research vice-president Thong Pak Leng said that fueled by favourable market indicators, the FBM KLCI is forecast to remain above the 1,465 level for an extended period, a threshold it struggled to maintain several times last year.
For the week just ended, new spot month January 2024 rose 38 points to 1,490.0, February 2024 was pegged at 1,491.0, March 2024 increased 37.5 points to 1,476.5, and June 2024 gained 39.5 points to 1,478.5.
Weekly turnover fell to 24,217 lots from 109,097 the previous week, while open interest shrank to 45,614 contracts from 50,923 contracts previously.
On a Friday-to-Friday basis, the FBM KLCI advanced 32.95 points to end the week at 1,487.61 versus 1,454.66 a week ago.