Sunday, 14 October 2012
FKLI Related News
NEW YORK, Oct 12 (Reuters) - U.S. stocks wrapped up their worst week in four months, led lower on Friday by financial shares as results from Wells Fargo and JPMorgan ignited concerns about shrinking profit margins for big lenders.
Shares of Wells Fargo fell 2.6 percent to $34.25 and JPMorgan Chase & Co lost 1.1 percent to $41.62 as concerns grew over their lower net interest margin - the difference between what a bank pays on deposits and what it makes on loans - which could narrow further as the Federal Reserve keeps interest rates near zero. The lackluster market reaction came even though both Wells Fargo and JPMorgan, the two largest U.S. financial stocks by market value, reported record profits.
The Dow Jones industrial average edged up 2.46 points, or 0.02 percent, to 13,328.85 at the close. But the S&P 500 fell 4.25 points, or 0.30 percent, to finish at 1,428.59. The Nasdaq Composite dipped 5.30 points, or 0.17 percent, to 3,044.11. Despite several encouraging data points this week, the benchmark S&P 500 fell 2.2 percent - its worst weekly performance since the week ended June 1.
The FBM KLCI trended lower at mid-morning on Monday, in line with most key regional markets that opened on a weaker note. Technical reading on the FBM KLCI remains sideways with immediate Support at 1,650 and Resistance at 1,655.