KLCI futures open higher

KLCI futures open higher

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives opened higher, in sync with the better underlying cash market performance.

At 9.25 am, spot month March 2021 increased 10.0 points to 1,625.5, April 2021 added 8.5 points to 1,619.0, June 2021 gained 9.0 points to 1,608.5, and September 2021 rose 10.5 points to 1,603.0.

Turnover stood at 1,016 lots, with open interest at 40,413 contracts.The benchmark FBM KLCI advanced 13.15 points to 1,637.93 after 30 minutes of trading.RHB Research, in a note, recommended to maintain long positions as the FKLI recorded its third straight positive session, adding 13.50 points to settle at 1,615.50 points yesterday.

“Meanwhile, a breakout above February’s high of 1,620 points will enhance buying pressure to test the next resistance level at 1,635 points.”Since the index is riding on a ‘higher high’ bullish momentum, we will stick to our positive trading bias,” it added.– BERNAMA