The FBM KLCI closed on a positive note, bolstered by significant buying activity in the utilities sector. The market’s upward momentum was further supported by an improving sentiment and increased participation from foreign buyers. However, investors are advised to remain cautious due to rising global volatility.
Analysts forecast the FBM KLCI to trade within the 1,615-1,630 range today.
CPO Futures Rebound
In the commodities market, the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher, recovering from the previous day’s decline.
This rebound was in line with the strength observed in the soybean oil market. Palm oil trader David Ng indicated that support for CPO is at RM3,900 per tonne, with resistance at RM4,000.
The strong rebound of CPO futures towards the market close saw a surge of over 50 points across the board.
This maybe due to a spike to bargain buying, a technical rebound, and support from the Dalian Commodity Exchange.
This combination of factors likely fueled the increased buying interest in CPO futures.
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