Reuters: Hot Stocks: UK's FTSE slips yet on track for fresh monthly gain

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UK's FTSE slips yet on track for fresh monthly gain May 31st 2013, 07:55 Fri May 31, 2013 3:55am EDT * FTSE 100 down 0.9 pct in early session trading * On track for 12th consecutive monthly gain * FTSE 100 up 2.6 pct so far in May * Traders use month-end to book profits on that rally By Sudip Kar-Gupta LONDON, May 31 (Reuters) - Britain's benchmark share index fell on Friday, as lingering uncertainty over future monetary policy led investors to book profits on a rally which saw the market hit near 13-year highs earlier this month. The blue-chip FTSE 100 index was down by 0.9 percent, or 58.33 points, at 6,598.66 points in early trading. The index remains on track to record its 12th consecutive month of gains, with the FTSE 100 up 2.6 percent in May. However, the FTSE 100 has been volatile this week due to worries the U.S. Federal Reserve may soon taper economic stimulus measures that have helped drive a global equity rally this year. Central Markets chief strategist Richard Perry said now may be a good time for investors to book profits on that rally, with the FTSE 100 up 12 percent since the start of 2013, although he added the longer-term trends remained positive. "With the increased volatility in equities, it would be wise to take caution. A correction in the equity markets are long overdue and taking profits at these sort of levels on some core investment holdings may not be a bad idea," said Perry. Darren Easton, director of trading at Logic Investments, said if the FTSE 100 fell below the 6,600 point level, it could then drop down to the 6,500 point mark. EGR Broking managing director Kyri Kangellaris added he felt it was still too risky to buy into the FTSE at current levels. "It's still not really low enough for me to entertain buying stocks and I would look to take profits," he said. (Editing by Chris Pizzey, London MPG Desk, +44 (0)207 542-4441) Link this Share this Digg this Email Reprints

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