KLCI futures close lower on profit-taking

KLCI futures close lower on profit-taking
Business & Markets 2013
Written by Bernama
Thursday, 12 September 2013 19:15

KUALA LUMPUR (Sept 12): The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts on Bursa Malaysia Derivatives closed easier today, on profit-taking activities.

Phillip Futures Sdn Bhd Dealer Tan Sek Wei said the futures market closed in negative territory, despite the cash market extending its rally for the fourth consecutive day.

He said tracking the overnight gain on Wall Street, September 2013 contract opened higher at 1,776.5, and moved to its day high at 1,781.5.

"The September 2013 contract failed to hold onto its initial gains and ended lower, dragged down by profit taking after its recent sharp gains.

"Besides that, some investors were choosing to stay aside, ahead of next week's US Federal Reserve meeting that could see the US central bank beginning to scale back its massive stimulus campaign," he told Bernama here today.

Tan said the buying bias was beginning to slow down and might result in prices moving into range bound mode this week or later.

At the close, September 2013, October 2013 and March 2014 dropped six points each to 1,765, 1,766 and 1,753.5 respectively, while December 2013 eased one point to 1,765.5.

Turnover decreased to 6,086 lots from 7,860 lots yesterday, while open interest declined to 49,424 contracts from 50,024 contracts Wednesday.

As for the underlying FBM KLCI, it rose 3.92 points to close at 1,772.4