KUALA LUMPUR, July 26 — The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts on Bursa Malaysia Derivatives are likely to move in line with the expected volatility in the cash market next week.

Affin Investment Bank vice-president/head of retail research, Dr Nazri Khan, said the local FBM KLCI eased following last week’s failure to overcome the 1,880-1,890 points resistance.

“Asian markets were generally higher last week following a strong Wall Street session buoyed by corporate earnings and better-than-expected manufacturing data from China, Germany and broader Eurozone.

“The near-term bias has turned in favour of the local bear camp with immediate support pegged near 1,860 level and 1,850 while resistance was spotted near 1,880 level, followed by 1,900 psychological level,” he told Bernama.

On a Friday-to-Friday basis, spot month July 2014 and September 2014 rose one point each to 1,874 and 1,871.5, respectively, August 2014 earned half a point to 1,874 and December 2014 was three points higher at 1,872.    

Turnover for the week rose to 50,212 lots from last week’s 17,825 lots, while open interest increased to 55,747 contracts from 38,125 contracts last Friday.

The market will be closed on Monday and Tuesday for Hari Raya holidays. — Bernama