Although Wall Street closed marginally higher led by energy shares, Malaysian index futures started the day unchanged and immediately surged higher on spillover buying momentum in the early trade. However, market relented to profit take soon after and traded in meandering mode throughout the morning session due to lack of fresh lead to spur investors' interest. Market remained quiet in the afternoon session with the trading range less than 6 points. Volume was relatively thin with only 3352 lots traded throughout the day as many investors opted to stay sideline. At the close, Sept 09 contract settled 4.5 points higher at 1210.5.
Despite unbeat news on US consumer sentiment index and improving sales in wholesallers, DJIA snapped a 5-day winning streak last Friday on concern that the recent rally in equities outpaced the prospects for economic recovery. With the decline in Wall Street, future is poised to trade lower today with the support and resistance pegged at 1200 and 1220 respectively.
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