FKLI
FKLI Spot Month Futures - 4 Sep 2024
Wed, 04-Sep-2024 08:13 am
by Dealing Team • Apex Futures

FKLI
Pivot
1659
Resistance
1663 / 1667 / 1672
Support
1656 / 1652 / 1647
Possible Range
1645 to 1660
Strategy
Long positions may be opened above 1659 with targets at 1663/1667 and stop-loss at 1654
Short positions may be opened below 1659 with targets at 1656/1652 and stop-loss at 1664

FKLI Sep month dropped 3 points or 0.18% to close lower at 1660. The FBM KLCI ended lower on Tuesday, surrendering early gains as Maybank, CelcomDigi, and PETRONAS Chemicals exerted downward pressure on the index.

Overnight Dow Jones down 625 points to 40936. MSCI's global equities gauge dropped sharply on Tuesday, with Wall Street stocks experiencing their steepest decline since early August. This occurred as U.S. Treasury yields fell following manufacturing data that raised concerns about the economy. 

Investors are also eagerly awaiting the monthly U.S. jobs report later in the week, which is anticipated to provide further insights into the health of the American economy and impact the pace at which the Federal Reserve might lower interest rates.

The FKLI remain trading in very tight range of consolidation potentially with downside bias. The immediate support and resistance levels are identified at 1656 and 1663, respectively.

(News Source: The Star; Reuters)

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Market Mover
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