Thursday, 25 April 2013

FKLI Related News (Fri, Apr 26)

NEW YORK (Reuters) - Stocks rose on Thursday, lifted by stronger-than-expected earnings and a large drop in weekly jobless claims. The S&P 500, up for five straight sessions, traded within a point of its record closing high before shedding about half of the day's gains. The high was near the 1,593 level that is expected to be technical resistance. Telecommunications companies' shares led the S&P 500's advance, with the sector's index (.SPLRCL) up 1.7 percent. Verizon Communications (VZ.N) hit a 13-year high with a 2.7 percent jump to $53.22 after sources told Reuters it has hired advisers to prepare a possible bid to take full control of Verizon Wireless.

Investors expected the first quarter to be difficult for corporate America after cuts in government spending. The Dow Jones industrial average (.DJI) rose 24.50 points or 0.17 percent, to close at 14,700.80. The S&P 500 (.SPX) gained 6.37 points or 0.40 percent, to finish at 1,585.16. The Nasdaq Composite (.IXIC) added 20.33 points or 0.62 percent, to close at 3,289.99. The S&P 500 climbed intraday to a high of 1,592.64 - just a tad below its record closing high of 1,593.37 - set two weeks ago - on April 11. Thursday's U.S. data gave a less worrisome view of the economy than other data of late. Initial claims for unemployment benefits in the latest week dropped 16,000 to a seasonally adjusted 339,000 compared with expectations for 351,000.

About 7.0 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, more than the daily average so far this year of about 6.38 billion shares. On the NYSE, advancers outnumbered decliners by a ratio about 2 to 1, while on the Nasdaq, roughly five stocks rose for every three that fell.

Stocks on Bursa Malaysia closed lower yesterday on lack of follow-up support amid unfavourable external sentiment to sustain previous day's upside momentum. Taking cue from the weak close on Wall Street overnight, FKLI spot month contract opened slightly lower this morning at 1,707.50. Today’s Support and Resistance for FKLI April contract is located around 1,704 and 1,724 respectively.

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