KLCI futures to trade higher next week
The FTSE Bursa Malaysia KLCI (FBM KLCI)futures contracts are likely to trade better next week, tracking the stronger cash market, dealers said.
Affin Investment Bank vice president and head of retail research Dr Nazri Khan said the improved market sentiment is boosted by the fiscally prudent Budget 2014, rising foreign inflows and significantly improved global sentiment.
""This is primarily due to the tough unpopular measures like implementation of Goods and Services Tax by April 2015, set to improve the nation’s fiscal credibility and avoid the sovereign credit rating downgrades," he told Bernama.
Nazri said expectations that the US Federal Reserve would maintain its quantitative easing programme into first quarter 2014 will continue to underpin bullish investor sentiment.
On a Friday-to-Friday basis, October 2013 rose 15.5 points to 1,814 and March 2014 added 14.5 points to 1,806.
November 2013 and December 2013 gained 16 points each to 1,814.5 and 1,815 respectively.
Turnover improved to 28,312 lots from 17,909 lots last Friday while open interest rose to 51,988 contracts from 47,300 contracts.
Meanwhile, the benchmark FBM KLCI improved 17.98 points to 1,817.57 compared with 1,799.59 last Friday.-- Bernama