KLCI futures close mostly higher on firmer cash market

KLCI futures close mostly higher on firmer cash market
Business & Markets 2013
Written by Bernama
Tuesday, 17 September 2013 19:28

KUALA LUMPUR (Sept 17): The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts on Bursa Malaysia Derivatives closed mostly higher today inline with the firmer cash market.

Phillip Futures Sdn Bhd dealer Elky Liam Kian Yap said spot month September 2013 contract pared its earlier gains, advancing less than a point at marketclosing after a volatile day for the index which hovered between gains and losses.

"September 2013 contract rose 13 points at open, tracked a better sentiment from Monday as investors expect the Fed will continue its current monetary policy for a little longer after the withdrawal of Summers from the race to head the US Federal Reserve," he told Bernama.

However, he said, gains were then erased on concerns that US President Obama claimed no negotiations over an extension of the US debt ceiling.

He added that investors also traded cautiously as the Fed's Open Market Committee begins its two-day meeting today, expecting US$10 billion for the first reduction in the monthly asset purchase while US$20 billion or above could cause volatility.

At close, September 2013 was up 0.5 point to 1,765.5, October 2013 and December 2013 rose two points each to 1,767 and 1,762 respectively while March 2014 was unchanged at 1,752.

Turnover rose to 7,615 lots from last Friday's 7,239 lots while open interest rose to 51,902 contracts from 50,266 contracts previously.

Meanwhile, the underlying FBM KLCI closed 4.14 points higher at 1,774.94.