FKLI
FKLI Spot Month Futures - 7 Aug 2024
Wed, 07-Aug-2024 08:39 am
by Dealing Team • Apex Futures

FKLI
Pivot
1570
Resistance
1577 / 1583 / 1588
Support
1563 / 1557 / 1552
Possible Range
1555 to 1580
Strategy
Long positions may be opened above 1570 with targets at 1577/1583 and stop-loss at 1565
Short positions may be opened below 1570 with targets at 1563/1557 and stop-loss at 1575

FKLI Aug month rose 35.5 points or 2.32% to close higher at 1565.5. After a harsh Monday that erased all gains on the Bursa Malaysia FBM KLCI since mid-April, the benchmark index managed to recover half of its losses as investors seized the chance for a quick rebound on Tuesday.

Overnight Dow Jones gained 294 points to 38997. The S&P 500 and Nasdaq each gained 1% as investors returned to the market following a sharp sell-off the previous day. Recent comments from Federal Reserve officials alleviated concerns about a U.S. recession. The Dow also saw an increase, but all three major stock indexes reduced their gains as the day progressed and closed significantly below their intraday highs.

Tracking the positive performance of US performance, the FKLI could have further recovery with limited gains, as global market sentiment remain bearish. The immediate support and resistance levels are identified at 1563 and 1577, 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