FKLI Related News (Fri, Dec 14)

NEW YORK, Dec 13 (Reuters) - The S&P 500 ended its six-day winning streak on Thursday, retreating as worries intensified that Washington's "fiscal cliff" negotiations were dragging on with little progress. Anxiety about the drawn-out talks between Democrats and Republicans was enough to offset encouraging data on retail sales and jobless claims on Thursday. There is concern that tax hikes and spending cuts, set to begin in 2013 if a deal is not reached in Washington, will hurt growth. The stock market has taken the heated rhetoric in stride of late, but downbeat remarks from Republican House Speaker John Boehner prompted some selling on Thursday.

Boehner accused President Barack Obama of "slow walking" the economy off the fiscal cliff.  "There is no conviction here and Boehner's comments - as harsh as they were - were realistic," said Jason Weisberg, managing director at Seaport Securities Corp., in New York. "The fiscal cliff is already built in. That being said, people don't like to be told the apocalypse is coming over and over and over again. The real players in this market have already closed their books."

While the Federal Reserve's announcement on Wednesday of a new round of economic stimulus bolstered stocks, Chairman Ben Bernanke's comments that monetary policy would not be sufficient to offset the impact of the fiscal cliff weighed on sentiment. Apple's stock, down 1.7 percent at $529.69, was among the biggest drags on the Nasdaq in Thursday's session, while International Business Machines, down 0.5 percent at $191.99, was among the biggest weights on the Dow. A U.S. jury found that Apple's iPhone infringed three patents owned by MobileMedia Ideas.

The Dow Jones industrial average tumbled 74.73 points, or 0.56 percent, to 13,170.72 at the close. The Standard & Poor's 500 Index fell 9.03 points, or 0.63 percent, to 1,419.45. The Nasdaq Composite Index slid 21.65 points, or 0.72 percent, to end at 2,992.16. Energy and information technology sectors were the S&P 500's weakest performers, with the S&P energy index down 0.9 percent.

In Europe, European Union finance ministers reached agreement to make the European Central Bank the bloc's top banking supervisor, which could boost confidence in EU leaders' ability to confront the euro zone's sovereign debt crisis. Volume was roughly 6.16 billion shares traded on the New York Stock.

Stocks on Bursa Malaysia closed slightly higher yesterday with telecom stocks supporting the benchmark index from mild profit-taking activities in the financial and industrial counters. FKLI opened this morning unchanged from yesterday’s close at 1650.50. Today’s Support and Resistance for December contract is located around 1,640 and 1,655 respectively.