Monday, 29 April 2013

FKLI Related News (Tues, Apr 30)

(Reuters) - U.S. stock index futures rose on Monday, extending the previous week's gains, buoyed by upward momentum from European stocks and hopes for U.S. corporate results and economic data. Wall Street was poised to start the last week of April higher. So far, the S&P 500 is up 0.8 percent this month.  In macroeconomic news, personal income and outlays, due at 8:30 a.m. EDT (1230 GMT) will be in focus after last week's disappointing first quarter gross domestic product numbers. Economists polled by Reuters forecast personal spending growth was flat last month, after rising 0.7 percent in February.

Boosting equities, spot gold rose 0.6 percent to $1,470.96 an ounce. The metal rose on Friday to touch its highest since April 15 at $1,484.81.  Weak U.S. growth data has raised expectations the Federal Reserve will keep its pace of bond buying at $85 billion a month, while the European Central Bank (ECB) is widely expected to announce an interest rate cut when it meets on Thursday. Dow Jones industrial average futures rose 43 points and Nasdaq 100 futures added 9.5 points. U.S. stocks dipped in thin volume on Friday, though the market had a strong week overall despite a mixed bag of earnings and weak economic figures.

Shares of online retailer Inc posted the largest daily drop in 15 months after the company reported results late on Thursday. It was Friday's biggest drag on the S&P 500 and Nasdaq indexes. European shares edged up on Monday after Italy finally formed a government, ending two months of political uncertainty, although analysts saw the gains petering out in the near term.          [Reuters]

The FBM KLCI closed flat after hovering in the red as the long-awaited 13th General Election will take place this Sunday. At 5.00 pm close, the benchmark index slipped by 3.32 points to 1,707.97 after trading between 1,706.29 and 1,711.85 points. “The uncertainty over the outcome of the General Election should check further gains this week as investors get ready to fulfill their obligations as responsible citizens. The dwindling volume is a good indication of the cautious mood in the air despite the index testing a new high of 1,718 points last Friday, where the advancement was confined to selected blue chips and not broad based,” said TA Securities head of research Kaladher Govindan in a note today.

FKLI spot month contract opened slightly higher this morning at 1,710 following gains in U.S stocks on Monday. Today’s Support and Resistance for April contract is located around 1,700 and 1,714 respectively.

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