KLCI futures to retest 1,600-level next week

KUALA LUMPUR, March 6: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract is likely to move on the upside bias next week, tracking the expected better performance of the underlying cash market, a dealer said.

He said the market is expected to stage a rebound on strong external factors such as higher crude oil prices and a recent decision by Bank Negara Malaysia to maintain the Overnight Policy Rate at 1.75 per cent.

On a weekly basis, new spot month March 2021 strengthened 29 points to 1,595.0, new contract month April 2021 stood at 1,584.0, June 2021 improved 22 points to 1,580.0, and September 2021 advanced 19 points to 1,568.5.

Turnover declined to 46,135 lots this week from 21,884 lots in the previous week, while open interest fell to 45,9854 contracts from 56,198 contracts previously.

The FBM KLCI strengthened 22.37 points to 1600.12 at the close on Friday from 1,577.75 last Friday.- Bernama

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