FKLI Related News (Tues, Mar 26)

NEW YORK (Reuters) - Stocks fell on Monday on renewed concerns about the developments in Cyprus and the euro zone, which wiped away earlier gains that drove the S&P 500 index to less than a point away from its record close. Stocks fell after Jeroen Dijsselbloem, who heads the Eurogroup of euro-zone finance ministers, told Reuters and the Financial Times that when failing banks need rescuing, euro-zone officials would turn to the bank's shareholders, bondholders and uninsured depositors to contribute to their recapitalization.

He also said that Cyprus was a template for handling the region's other debt-strapped countries. Before his remarks, the Dow industrials hit yet another record intraday high and the S&P 500 edged closer to its highest closing level ever on Monday after negotiators reached a deal to keep Cyprus afloat with a financial bailout and avert the country's possible exit from the euro zone. 

Banking shares were among the day's top decliners. Shares of Morgan Stanley (MS.N) fell 1 percent to $21.97 while Bank of America (BAC.N) dropped 1.3 percent to $12.40. The Dow Jones industrial average (.DJI) slipped 64.28 points, or 0.44 percent, to end at 14,447.75. The Standard & Poor's 500 Index (.SPX) dipped 5.20 points, or 0.33 percent, to 1,551.69. The Nasdaq Composite Index (.IXIC) declined 9.70 points, or 0.30 percent, to close at 3,235.30. Earlier, the Dow climbed to an intraday record high of 14,563.75.

In company news, Dell Inc (DELL.O) said it received alternative proposals from Blackstone (BX.N) and billionaire investor Carl Icahn that could be superior to the $24.4 billion offer from founder Michael Dell and private equity fund Silver Lake Partners last month. Dell shares rose 2.6 percent to $14.51. Merger and acquisition activity has been among the reasons for stocks' stellar performance so far this year. Volume was roughly 5.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion. Decliners outnumbered advancers on the NYSE by a ratio of about 3 to 2, while on the Nasdaq, about 13 stocks fell for every 12 that rose.          [Reuters]

Southeast Asia stock markets gained in larger regional markets after Cyprus and the European Union agreed on a plan to tackle the island’s financial crisis. Malaysia gained 1 percent to 1,643.89 as foreign investors bought shares worth 326 million ringgit ($105 million), stock exchange data showed. FKLI spot month contract opened slightly lower this morning at 1,651.50 as U.S stocks fell on Monday on renewed concerns about the developments in Cyprus and the eurozone. 

Today’s Support and Resistance for March contract is located around 1,640 and 1,668 respectively.