FKLI
FKLI Spot Month Futures - 6 Aug 2024
Tue, 06-Aug-2024 08:29 am
by Dealing Team • Apex Futures

FKLI
Pivot
1530
Resistance
1545 / 1553 / 1565
Support
1530 / 1514 / 1500
Possible Range
1530 to 1570
Strategy
Long positions may be opened above 1535 with targets at 1545/1553 and stop-loss at 1527
Short positions may be opened below 1535 with targets at 1530/1514 and stop-loss at 1545

FKLI Aug month dropped 89 points or 5.5% to close lower at 1530. Bursa Malaysia benchmark index faced a severe downturn on Black Monday, sinking to a near four-month low amid intense selling pressure that mirrored bearish trends in regional markets. Investor anxiety over a potential U.S. recession drove a flight from risk.

Overnight Dow Jones slide 1033 points to 38703. Global share markets plunged on Monday while bonds surged, as concerns about a potential U.S. recession prompted investors to flee risk assets. Meanwhile, they bet that interest rates would need to drop quickly to stimulate economic growth.

Tracking the negative performance of US performance, the FKLI could remain in bearish momentum, however the recent low potentially trigger some technical buying. The immediate support and resistance levels are identified at 1530 and 1545, respectively.

(News Source: The Star, Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
HKD 0.537155 0.542118
SGD 3.243708 3.273864