KLCI futures extend gains

KLCI futures extend gains
Business & Markets 2013
Written by Bernama
Tuesday, 23 July 2013 11:04

KUALA LUMPUR, (July 23): The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives continued yesterday's gains to opened higher, tracking the positive underlying equity market, dealers said.

RHB Retail Research said the FBM KLCI futures contract was likely to stay above 1,784 points and its longer-term uptrend was expected to remain intact.

In a note, the research firm said the index should continue higher and a firm upside bias should keep it above 1,800 points.

"Immediate resistance is at 1,804 points and a close above it will indicate that the buying support is still firm.

"This should get the buying momentum going, with the next resistance at 1,810 points and at every 10-points intervals thereafter," said RHB Retail Research.

At 9.40 am, spot month July 2013 was 3.5 points higher at 1,805, August 2013 gained 2.5 points to 1,805, September 2013 perked three points to 1,803 while December 2013 was untraded at 1,802.

Turnover stood at 1,257 lots while open interest totalled 37,942 contracts.

The underlying FBM KLCI stood at 1,802.65, up 4.97 points, after 40 minutes of trading.