KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to trade cautiously next week, tracking the movement in the underlying cash market.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the FBM KLCI is expected to trend sideways, with sentiments largely focusing on the upcoming batch of quarterly corporate earnings results.
“Any upside will be met by the immediate resistance at 1,560 followed by 1,580, while support is set at 1,530,“ he told Bernama.
For the week just ended, May 2022 slid 14.5 points to 1,543.0, June 2022 lost 15.5 points to 1,541.5, September 2022 declined 17.5 points to 1,530.5, and December 2022 fell 17 points to 1,533.0.
Turnover improved to 45,714 lots from 26,096 lots in the previous week, while open interest widened to narrowed to 37,647 contracts from 41,882 contracts previously.
On a weekly basis, the FBM KLCI fell 19.93 points to end the week at 1,544.41 from 1,564.34 in the previous week.
Bursa Malaysia and its subsidiaries will be closed on Monday, May 16 in conjunction with the Wesak Day replacement holiday and will resume its operations on Tuesday, May 17. — Bernama