FKLI
FKLI Spot Month Futures - 19 Sep 2024
Thu, 19-Sep-2024 08:19 am
by Dealing Team • Apex Futures

FKLI
Pivot
1660
Resistance
1664 / 1668 / 1673
Support
1656 / 1651 / 1647
Possible Range
1645 to 1665
Strategy
Long positions may be opened above 1660 with targets at 1664/1668 and stop-loss at 1655
Short positions may be opened below 1660 with targets at 1656/1651 and stop-loss at 1665

FKLI Sep month dropped 2 point or 0.12% to close lower at 1660. The FBM KLCI pared losses by the close on Wednesday, but overall market sentiment stayed weak as most traders remained on the sidelines ahead of an anticipated US interest rate cut later that evening.

Overnight Dow Jones dropped 103 points to 41503. Major stock indexes closed with modest losses and the dollar strengthened in volatile trading on Wednesday after the U.S. Federal Reserve announced a half-percentage point cut in borrowing costs—the first in over four years—citing confidence in a decline in inflation toward its 2% target.

The FKLI likely to trade in sideway consolidation with downside bias, however the market remains supported in longer term time frame. The immediate support and resistance levels are identified at 1656 and 1664, respectively.

(News Source: The Star; Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.939538 3.966364
EUR 4.621065 4.624861
CNY 0.577624 0.578108
HKD 0.502626 0.506063
SGD 3.082334 3.103499