FKLI Related News

NEW YORK (Reuters) - Stocks fell on Thursday, with technology stocks hit hard after Google's surprisingly weak earnings - released prematurely during the trading day - disappointed investors. Shares of Google lost 8 percent - the stock's worst day since January 20 - to close at $695 after the Internet giant's third-quarter results showed earnings and revenue fell short of forecasts.

After the midday snafu and the stock's slide, Google was the biggest drag on the S&P 500. Tech stocks suffered, with the S&P 500 information technology index (.GSPT) losing 1.53 percent. Shares of IBM (IBM.N), which disappointed investors a day earlier, lost 2.8 percent to close at $194.96 and pull the Dow lower.

The Dow Jones industrial average (^DJI) dipped 8.06 points, or 0.06 percent, to close at 13,548.94. The Standard & Poor's 500 Index (^GSPC) shed 3.57 points, or 0.24 percent, to 1,457.34. The Nasdaq Composite Index (.IXIC) fell 31.26 points, or 1.01 percent, to end at 3,072.87. The day's declines snapped the S&P 500's three-day string of gains, which had pushed the benchmark index up 2.3 percent through Wednesday's close. The Dow's loss was limited by Travelers and Verizon. Technology was by far the day's weakest sector, but seven of the S&P 500's 10 sectors ended the session higher.

Weak jobs data released on Thursday also weighed on the market. Weekly jobless claims rose to 388,000 - or 32,000 more than analysts expected. A Labor Department official said it appeared that state-level administrative issues were distorting the data. "On a longer-term basis and non-seasonally adjusted basis, the jobs numbers are in line with where they're been all year. And that's still indicative of very slowly improving employment," said Paul Nolte, managing director at Dearborn Partners in Chicago. "What happened to Google is a continuation in the tech sector of some very poor earnings numbers. But we're not seeing the same lack of performance across the board from other sectors," he also added.  

Oil prices fell on Thursday on the approaching restart of a North Sea oil field and weak U.S. jobless claims data, but with losses pared after news a pipeline carrying Canadian crude oil to the United States had shut. Global shares dipped on Thursday, weighed down by a late decline on Wall Street, though a European benchmark hit a 15-month closing high as tension surrounding the euro zone's debt crisis continued to ease.     [Reuters]

Malaysia's index futures spot month contract opened slightly  lower this morning  at 1666.5,  following Wall Street’s decline Thursday due to Google’s surprisingly weak earnings leaving a huge impact on the market, particularly tech stocks. However, the benchmark KLCI will likely continue to test the immediate Resistance threshold of 1670 after  revisiting  its record high of 1668.32, while Support is expected to remain above 1655 level.