By Durratul Ain Ahmad Fuad

KUALA LUMPUR, April 27 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to trade on a cautious mode next week ahead of the United States (US) Federal Open Market Committee (FOMC) meeting and US Non-Farm Payrolls (NFP) data release, said an analyst. 

SPI Asset Management managing director Stephen Innes said that one of the key focal points next week would be the US FOMC meeting, as investors would closely watch for any indications that the Federal Reserve might rule out rate cuts in 2024 and the potential impact of higher inflation on the strength of the US dollar.

“This could present double trouble for Asia equities, including our local Bursa Malaysia, prompting a cautious start to the week as investors await further clarity from the FOMC and the release of the US NFP data on Friday," he told Bernama. 

For the week just ended, spot months April 2024 added 28 points to 1,575.5, May 2024 gained 28.5 points to 1,577.5, June 2024 went up 30.5 points to 1,579.0, and September 2024 increased 30.0 points to 1,567.0. 

Weekly turnover soared to 176,889 lots from 39,987 lots the previous week, while open interest surged to 150,385 contracts from 48,310 contracts previously. 

The FBM KLCI ended the week 5.91 points higher at 1,575.16 from 1,547.57 last week.

-- BERNAMA