Day: September 14, 2024

KUALA LUMPUR, The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is set to consolidate next week in sync with the underlying cash market. Rakuten Trade Sdn Bhd’s vice-president of equity research, Thong Pak Leng, stated that going forward, the index must break through the 1,670 resistance level to restore its bullish momentum. ‘Should this level be exceeded with substantial trading volume, the next resistance at 1,700 may be tested,’ he said. For the week just ended, the September 2024 contract rose 12.0 points to 1,647.5, October 2024 and December 2024 ended the week 11.50 points

KUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade on a downward bias next week, given the persistent weak demand seen recently, a dealer said. Palm oil trader David Ng noted that the subdued demand, particularly from China and India, is driven by the decline in soybean oil prices. ‘As such, the CPO price is expected to move between RM3,750 and RM3,920,’ he told Bernama. Similarly, Interband Group of Companies senior palm oil trader Jim Teh expects CPO to trade lower next week due to high stocks, highlighting the Malaysian Palm Oil Board’s (MPOB)

KUALA LUMPUR, Gold futures contract on Bursa Malaysia Derivatives (BMD) is likely to trade in consolidation mode next week, ahead of the United States (US) Federal Open Market Committee’s meeting on Sept 17-18. SPI Asset Management managing director Stephen Innes said that gold prices surged on Friday, driven by hopes of a larger-than-expected rate cut by the US Federal Reserve (Fed), with markets having already priced in an aggressive easing cycle. ‘The real question is not whether the cut will happen, but whether it will be 50 basis points (bps). ‘However, even if the cut is only 25 bps, thus

KUALA LUMPUR, The ringgit is expected to continue its uptrend next week, trading at 4.28 to 4.29 against the US dollar, ahead of the United States (US) Federal Open Market Committee (FOMC) meeting on Sept 17-18. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that with the US Federal Reserve (Fed) on track to cut the interest rate next week, the ringgit could stage further appreciation during the holiday-shortened week. ‘This is especially true when the Bank Negara Malaysia (BNM) is not about to follow similar footsteps by the Fed as the upside risks to domestic

KUALA LUMPUR, Bursa Malaysia is expected to consolidate within the 1,630-1,670 range next week, offering accumulation opportunities and potentially setting the stage for an upward move as market sentiment improves. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the index needs to surpass the 1,670-resistance level to regain its bullish momentum. He said that if this level is breached with significant trading volume, the next resistance at 1,700 could come into play. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan added that the strength in global equities is expected to keep Bursa Malaysia