Tuesday, 4 September 2012

FKLI  related news
NEW YORK (Reuters) - The S&P 500 closed slightly lower on Tuesday as investors continued to await clarity on European Central Bank plans to shore up heavily indebted countries, but the market ended off its lows on a rally in Apple Inc (AAPL).
Equities were lower for much of the session, with industrial and material shares weak after a report showing manufacturing contracted by its fastest pace in more than three years in August.
FedEx Corp (FDX.N), the world's second-largest package delivery company, cut its fiscal first-quarter forecast after the market's close, saying the global economy is weaker than thought and harming sales. The company is seen as a window on the economy because of the wide range of industries it serves. The shares fell 4 percent in extended trade.
Markets remain skittish ahead of the ECB's meeting on Thursday, where ECB President Mario Draghi is expected to unveil plans to lower borrowing costs for countries such as heavily indebted Spain and Italy.

According to a local dealer, investors are very cautious and are locking profits amid mounting worries over the global economic growth. KLCI has breached the key 1650 support following declines in Asian stocks and weak U.S. manufacturing data. Today’s Support and Resistance is located around 1630 and 1655 respectively.

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