The FTSE Bursa Malaysia KLCI futures contract on Bursa Malaysia Derivatives is expected to move in line with the underlying cash market next week. — Bernama pic
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the main focus for next week would be the release of Malaysia’s second-quarter 2020 gross domestic product data on Friday, which was expected to show further decline due to the impact of the movement control order.“We still expect the benchmark index to trade between the range of 1,550 to 1,600 next week, unless there are new positive catalysts such as a breakthrough in vaccine development for Covid-19,” he told Bernama.
“We think the market will probably go through a similar trend against the backdrop of heightened US-China trade tension, including on the technology issue,” he said. Turnover dropped to 56,197 lots versus 106,658 lots in the previous week, while open interest widened to 34,397 contracts from 53,310 contracts previously.