FKLI Related News

NEW YORK (The Wall Street Journal) —Stocks fell for a third straight day, with energy and technology shares posting the steepest declines, as investors were spooked by euro zone instability and a slightly disappointing report on the U.S. housing market.

The Dow Jones Industrial Average fell 44.04 points, or 0.33%, to 13413.51. The Standard & Poor's 500-stock index closed down 8.27 points, or 0.57%, to 1433.32. Wednesday marked the fifth straight session of declines for the index, its longest streak of losses since July 12. The Nasdaq Composite lost 24.03 points, or 0.77%, to 3093.7.

Energy and technology sectors led the slide in the S&P 500. Crude-oil futures tumbled, despite a surprise decline in U.S. inventories. On the technology side, shares of Apple AAPL -1.24%fell for the third consecutive day after the company reported iPhone 5 sales that disappointed analysts. Other technology shares suffered as well, as the tech-heavy Nasdaq Composite posted its largest three-day drop since July 24.

Sales of new homes declined slightly in August, after economists had expected an increase. The Commerce Department reported that new-home sales fell 0.3% from the previous month to a seasonally adjusted annual rate of 373,000. At the same time, though, the median price for a new home increased 17% from August 2011, reaching a level not seen since March 2007. Figures released Tuesday showed that home prices have posted their strongest year-to-date gains since 2005.

Asian markets also fell sharply. Japan's Nikkei Stock Average slid 2%. Reports Tuesday said that China rejected an invitation from Japan to talk at this week's United Nations General Assembly, in light of a territorial dispute between the countries. China's Shanghai Composite Index shed 1.2%.

Today’s Support and Resistance for KLCI Futures spot month contract is located around 1600 and 1625 respectively.