24 Jun 2025 BMD Local Market

LOCAL MARKET 

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FKLI

FKLI June month rose 12.5 points or 0.84% to closed higher at 1508.5. Late buying interest lifted the FBM KLCI to close sharply higher at its intraday peak on Monday, overcoming lingering investor caution amid mixed performances in regional markets.

The Dow Jones index rose 374 points to closed higher at 42581 on previous session. U.S. stock futures climbed on Monday after President Donald Trump announced a ceasefire agreement between Israel and Iran. S&P 500 E-mini futures rose 0.3%, while Nasdaq futures gained 0.5%, indicating expectations for a positive start on Wall Street when trading resumes on Tuesday.

The actively traded FKLI contract opened higher, tracking positive sentiment across regional markets. While the broader trend still reflects a downward channel, the shorter time frame indicates a sideways consolidation pattern. The index has recovered from last session’s low of 1,478, showing signs of support that may prevent further downside. For the upcoming session, immediate support is seen at the 1,512–1,514 zone—holding above this level could maintain a buying bias, with potential upside toward 1,517 or even 1,523. However, a break below this support range may trigger renewed selling pressure toward the crucial support at 1,506. Beware of any potential sentiment changes. Immediate support and resistance levels are identified at 1512 and 1517, respectively.

(News Source: The Star; Reuters)

Recommend Trading Plan:

Long positions may be opened above 1512 with targets at 1517/1523 and stop-loss at 1507

Short positions may be opened below 1512 with targets at 1506/1501 and stop-loss at 1517

FCPO

FCPO Sep month rose 8 points or 0.19% to closed slightly higher at 4126. Malaysian palm oil futures closed higher on Monday, recovering from earlier losses, supported by firmer crude oil prices and a weaker ringgit. However, gains were limited by the decline in rival vegetable oils on the Dalian market.

CBOT soyoil plunged 1.35 to closed lower at 53.75 on previous session.  Dalian’s active palm oil contract dropped 68 points to close lower at 8440 on previous night session.

The actively traded FCPO contract remained capped below the 4,145–4,150 resistance zone since last week, continuing to trade within a narrow range in the previous session. We maintain our view that the market is undergoing a broader sideways consolidation, with prices likely staying below the upper resistance zone. On the hourly chart, the market has begun a technical correction, breaking below the earlier support range of 4,090–4,110 and trending lower. We adopt a sell-on-rebound strategy for the upcoming session, with immediate resistance seen at 4,080–4,085. If this level holds, the price may drift lower toward 4,060–4,065 or even further. Negative sentiment in the rival oil markets is contributing to the selling pressure. Key mid-range and crucial support lies at the 4,000–4,010 zone. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4061 and 4082, respectively.

(News Source: Reuters)

Recommend Trading Plan:

Long positions may be opened above 4082 with targets at 4106/4130 stop-loss at 4062

Short positions may be opened below 4082 with targets at 4061/4039 stop-loss at 4102

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.