FKLI Related News

NEW YORK (Reuters) - Stocks ended flat on Thursday, giving up modest gains late in the session, denying the Dow a chance to inch closer to all-time highs. The S&P 500 still managed to close out February with a fourth straight month of gains. JC Penney Co Inc (JCP) was the day's biggest loser, falling 17 percent to $17.57 after the department store operator reported a steep drop in sales.  The U.S. economy grew slightly in the fourth quarter, a turnaround from an earlier estimate showing contraction, and a drop in new claims for unemployment benefits last week added to a batch of data suggesting the economy continues its sluggish improvement.

The Dow was within striking distance of its record high after a year-to-date advance of more than 7 percent. The Dow's record closing high, set on October 9, 2007, stands at 14,164.53, while the Dow's intraday record high, set on October 11, 2007, stands at 14,198.10. The Dow Jones Transportation Average (^DJT), seen as a bet on future growth, is up 12.9 percent this year, and the 20-stock index hit a record intraday high earlier on Thursday. The Dow Jones industrial average (^DJI) shed 20.88 points, or 0.15 percent, to 14,054.49 at the close. The Standard & Poor's 500 Index (^GSPC) lost 1.31 points, or 0.09 percent, to 1,514.68. The Nasdaq Composite Index (^IXIC) fell 2.07 points, or 0.07 percent, to end at 3,160.19.

Limited Brands (LTD) and Netflix (NFLX) ranked among the best-performing consumer stocks. Shares of Limited Brands, the parent of retailers Victoria's Secret and Bath & Body Works, gained 2.3 percent to $45.52. The stock of video streaming service Netflix climbed 2 percent to $$188.08. In contrast, shares of Groupon Inc (GRPN.O) fell on weak revenue, with the daily deals company's tumbling 24.3 percent to $4.53.

Investors were keeping an eye on the debate in Washington over U.S. government budget cuts that will take effect starting Friday if lawmakers fail to reach agreement on spending and taxes. President Barack Obama and Republican congressional leaders arranged last-ditch talks to prevent the cuts, but expectations were low that any deal would emerge. Volume was modest with about 6.81 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly above the daily average of 6.46 billion.           [Reuters]

Stocks in Asia mostly rose Wednesday as U.S economic data and comments from Federal Reserve chief Ben Bernanke helped lift the mood in global markets. According to a local dealer, KLCI is expected to move within the 1620-1640 range for now as more investors move to the sidelines due to Malaysia’s election uncertainty. FKLI spot month closed higher yesterday at 1,635.50, in line with gains in regional markets. Today’s Support and Resistance for March contract is located around 1,625 and 1,640 respectively.