KUALA LUMPUR, Aug 6 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to trend higher next week, tracking the performance of the underlying cash market.

RHB Investment Bank Bhd said a follow-though positive price action should lift the index higher to test 1,513 points, followed by resistance at 1,525 points.

“Meanwhile, the 1,488-point level has become a strong support. As the index is moving higher on renewed momentum, we make no change to our bullish bias,” it said in a note.

For the week just ended, August 2022 improved 9.0 points to 1,499.5, September 2022 gained 7.5 points to 1,488.5, December 2022 added 6.0 points to 1,488.0, while new contract month March 2023 stood at 1,477.5. 

Turnover fell to 35,029 lots from 120,758 lots in the previous week, while open interest narrowed to 40,357 contracts from 43,946 contracts.

On a weekly basis, the benchmark index expanded 9.32 points to 1,501.55 , from 1,492.23, at the end of the previous week.

-- BERNAMA