KLCI futures to trade sideways next week
The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts are likely to sideways next week, tracking the volatile cash market, dealers said.
Affin Investment Bank vice president and head of retail research, Dr Nazri Khan, said the local market was expected to see choppy sideways trading ahead, driven by the surprised hint from the US Federal Reserve that a December or January taper could be on the cards.
"We expect the local market to see temporary volatile swing trades with FBM KLCI to range bound between 1,800 and 1,820," he told Bernama.
On a Friday-to-Friday basis, November 2013 lost 1.5 points to 1,813 and December 2013 dropped 3.5 points to 1,811.5 while March 2014 was unchanged at 1,806.
During the week, October 2014 ended at 1,806.5 while June 2014 was introduced at 1,804.
Turnover improved to 114,120 lots from 28,312 lots last week while open interest fell to 44,786 contracts from 51,988 contracts previously.
Meanwhile, the benchmark FBM KLCI eased 7.16 points to 1,810.41 compared to 1,817.57 last Friday.-- Bernama