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KLCI futures close higher on improved market sentiments across the region

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KLCI futures close higher on improved market sentiments across the region Empty KLCI futures close higher on improved market sentiments across the region

Post by Cals Mon 09 Sep 2013, 21:00

KLCI futures close higher on improved market sentiments across the region
Business & Markets 2013
Written by Bernama
Monday, 09 September 2013 19:08

KUALA LUMPUR (Sept 9): The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts on Bursa Malaysia Derivatives closed higher today, on better market sentiments in the cash market, not only locally but also across the region, dealers said.

Phillip Futures Sdn Bhd Dealer Tan Sek Wei said overall, the market sentiment remained firm today, after the US labour market data was weaker than expected on Friday.

"As we mentioned last week, a weak job data might pull back the US Federal Reserve stimulus decision. Besides that, the delay in taking military action against Syria has also lifted up market sentiments," Tan told Bernama today.

On the regional market, mostly all Asian markets were up, after promising China's August inflation and trade data announced, which further reflected signs that the Chinese economy, and possibly the global economy, are little better than expected.

"With current bullish sentiments, both external and internal, such as the stronger currency, concerns over the US Federal Reserve tapering off, the FKLI September 2013 covering its huge discount among the cash market, FBM KLCI.

"Currently, the spot futures have around four points premium, compared to the cash market, which indicated traders' sentiments turn from bearish to bullish," Tan added.

At close, September 2013 contracts jumped 39.5 points to 1,751, October 2013 advanced 40.5 points to 1,749.5, December 2013 increased 43.5 points to 1,744.5, and March 2014 rose 38 points to 1,734.

Turnover rose to 11,282 lots from 10,289 lots on Friday, while open interest surged 53,992 contracts from 51,518 contracts on Friday.

Meanwhile, the underlying FBM KLCI jumped 23.23 points or 1.348 per cent, to 1,747.03.

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