KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to move in tandem with the underlying cash market next week.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said he expected choppiness to prevail next week as investors would remain cautious ahead of the mid-week United States Federal Reserve interest rate decision.

“A pause in rate hike will be positive for the equities market and vice versa.

“Back home, investors will focus on the retail sales data next Monday and we may expect softer data in view that inflationary pressure remains elevated,” he told Bernama.

For the week just ended, June 2023 eased four points to 1,377.5, July 2023 slid five points to 1,377.5, September 2023 fell three points to 1,366 and December 2023 shed two points to 1,366.

Weekly turnover dropped to 21,781 lots from 94,779 lots last week while open interest fell to 41,580 contracts from 42,221 contracts.

On a Friday-to-Friday basis, the FBM KLCI declined 5.18 points to end the week at 1,376.08 from last week’s 1,381.26.-Bernama