Thursday, 27 September 2012
FKLI Related News
NEW YORK, Sept 27 (Reuters) - The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries. Spain announced a detailed timetable for economic reforms for the fiscally troubled nation and a tough 2013 budget based mostly on spending cuts.
Adding to the rally was a last-minute push by investors to reposition portfolios ahead of the quarter's end, with the S&P 500 on track for a gain of 6.2 percent in the third quarter. Friday will be the quarter's last trading day. "What we've seen is broadly a consolidation, but also an attempt by fund managers to position properly for the rest of the year, to be in the best sectors," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.
The Dow Jones industrial average shot up 72.46 points, or 0.54 percent, to 13,485.97 at the close. The Standard & Poor's 500 Index rose 13.83 points, or 0.96 percent, to finish at 1,447.15. The Nasdaq Composite Index gained 42.90 points, or 1.39 percent, to close at 3,136.60. Apple, up 2.4 percent at $681.32, gave the biggest lift to the Nasdaq. The semiconductor index gained 2.3 percent, bolstering the Nasdaq 100. Intel Corp was up 1.9 percent at $23.09.
Chinese stocks surged on Thursday to lead in an upbeat session for Asian markets, amid reports the country’s central bank injected a record amount of liquidity into the banking system.
Oil prices rose on Thursday as tensions between Iran and the West reinforced concerns about potential supply disruptions, while Spain's plans for economic reform also lent support to crude and lifted equities on Wall Street and a weaker dollar helped metals and soft commodities rebound from the sharp selloff of the previous session. Gold stocks ranked among the day's bigger gainers in the wake of Spain's news; the PHLX gold/silver index jumped 3 percent.
FBM KLCI closed 8.54 points up yesterday at 1,627.84, while spot month contract recovered about 15.50 points to 1,633.50. According to Hwang DBS, local equities may ride on the back of possible quarter-end window dressing activity and Budget 2013 expectations. Today’s Support and Resistance will be located around 1620 and 1645 respectively.