25 Apr 2025 BMD Local Market

 LOCAL MARKET 

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FKLI

FKLI Apr month rose 3.5 points or 0.23% to close higher at 1500. The FBM KLCI extended its upward momentum, closing higher on Thursday, even as regional markets posted mixed performances amid persistent tariff-related uncertainties.

Overnight Dow Jones rose 486 points to close higher at 40093. Major U.S. stock indexes climbed on Thursday, led by a strong rally in technology shares, as investors looked ahead to new developments in the U.S.-China trade dispute. The S&P 500's technology sector surged 3.5%, marking the largest gain among all sectors in the benchmark index. Meanwhile, the dollar eased back after its recent gains.

The actively traded FKLI contract continues to move within a broader downward channel on the daily chart but is currently showing upward momentum, supported by technical buying. On the shorter time frame, the index remains within an upward channel, with new support holding above the 1498–1500 range. We maintain our view to buy on retracement, as long as this support holds, with the potential for the index to test the crucial resistance at 1515–1518. A breakout above this level could lead to further upside, while failure to do so may trigger mild selling pressure due to profit-taking or technical correction. Stay cautious of potential sentiment changes. Immediate support and resistance levels are identified at 1509 and 1518, respectively.

 

(News Source: The star, Reuters)

Recommend Trading Plan:

Long positions may be opened above 1513 with targets at 1518/1526 and stop-loss at 1507

Short positions may be opened below 1513 with targets at 1509/1502 and stop-loss at 1519

FCPO

FCPO Jul month contract dropped 1 point or 0.02% to close almost flat at 4036. Malaysian palm oil futures closed nearly flat on Thursday, as traders awaited fresh cues. Gains were capped by a stronger ringgit and increasing production, despite support from rival vegetable oils.

Overnight Soybean oil Jul month jumped 1.73 to close higher at 50.07. Dalian’s active palm oil contract rose 44 closed higher at 8324 on previous session. Dalian’s active palm oil contract rose 48 points to close higher at 8260 in yesterday’s night session.

The actively traded FCPO contract remains in a broader downtrend on the daily chart but is currently showing continued upward momentum driven by technical buying. On the hourly chart, the previous session saw prices trading within a narrow sideways range, with resistance around 4050–4055 and support near 4000–4005. Recently, the price has broken above this range and is now holding above the former resistance, which has turned into a new support zone at 4050–4055. We maintain a buy-on-retracement strategy, anticipating a potential move toward the next key resistance level at 4095–4100, or possibly higher. However, if the new support fails to hold, the price may fall back into the previous sideways trading range. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4057 and 4078, respectively.

(News Source: Reuters)

Recommend Trading Plan:

Long positions may be opened above 4057 with targets 4078/4098 at stop-loss at 4037

Short positions may be opened below 4057 with targets at 4031/4007 stop-loss at 4077

Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of the investment.