KLCI spot contract likely to consolidate further.

(From Business Times (Malaysia))

Byline: BERNARD

THE March contract on the Bursa Malaysia Derivatives closed largely unchanged at 915 last Friday. An average daily contract of 3,132 was transacted with a higher open interest of 23,617 contracts. The pullback to the low of 905 experienced last week was within our expectation. It was not surprising as we had initially pegged our base support level at 904. We were, however, taken aback by the speed of the correction which allowed the spot contract to stage an immediate technical rebound ending the week one basis point above the previous week's close. The movement and pattern of the spot contract followed the …