FKLI Related News

NEW YORK, Jan 22 (Reuters) - Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend. Travelers' shares climbed after the insurer's results and lifted the Dow Jones industrial average to a new five-year closing high. On Friday, both the Dow and the S&P 500 ended at five-year highs after the quarterly earnings season got off to a solid start. On Monday, the U.S. stock market was closed in observance of the Martin Luther King, Jr., holiday.

In Tuesday's session, the market also gained on signals that Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months to May 19. Jack de Gan, chief investment officer of Harbor Advisory Corp, in Portsmouth, New Hampshire, said better economic numbers in the United States and China, as well as more stabilization in Europe, were driving buyers into sectors associated with economic growth. "Any (bearish) news could turn us down for a day or so," he said, referring to the recent string of gains.

The Dow Jones industrial average rose 62.51 points, or 0.46 percent, to 13,712.21 at the close. The S&P 500 gained 6.58 points, or 0.44 percent, to 1,492.56. The Nasdaq Composite added 8.47 points or 0.27 percent, to 3,143.18. Tuesday's session marked the highest closes for both the Dow and the S&P 500 since December 2007. Technology shares underperformed as concerns about Apple's ability to continue to grow at hyper speed and a weak outlook from Intel Corp diminished optimism about the sector's prospects.

Signs of improved sentiment toward world growth were also seen in European bond markets. The yield on Portugal's benchmark 10-year note fell below 6 percent for the first time since late 2010 on news that the country was set to tap the bond market this week for the first time since it was bailed out in 2011.          [Reuters]

Stocks on Bursa Malaysia closed lower yesterday on continued foreign selling. FKLI opened lower this morning at 1,616 but may stage a rebound today after yesterday’s low of 1,601.50. Today’s Support and Resistance for benchmark January contract is located around 1,615 and 1,635 respectively. A break above 1,650 could signal a reversal from downtrend to uptrend.