Reuters: Hot Stocks: UK's FTSE index falls to first monthly loss in over a year

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UK's FTSE index falls to first monthly loss in over a year Jun 28th 2013, 16:21 Fri Jun 28, 2013 12:21pm EDT * FTSE 100 closes down 0.5 pct at 6,215.47 points * Index had first monthly loss in over a year * FTSE 100 fell 5 pct in June * Near-term downtrend still not broken - traders By Sudip Kar-Gupta LONDON, June 28 (Reuters) - Britain's FTSE 100 share index fell on Friday to record its first monthly loss in over a year, a turning point which traders said indicated that the near-term trend now remains negative. The blue-chip FTSE 100 index, which raced to a 13-year high of 6,875.62 points in late May, fell 0.5 percent or 27.93 points on Friday to close at 6,215.47 points after markets took fright last week at the prospect of the United States winding down its money-printing programme. While the FTSE 100 remains up by around 5 percent since the start of 2013, it has fallen some 10 percent from its peaks in late May and declined by 5 percent in June. The index has enjoyed its longest run of monthly gains since the mid-1990s but that ended on Friday with its first loss in 13 months, with many traders erring on the side of caution by selling shares to cash in profits on gains made since the start of the year. "This is the first month in thirteen that the UK index has closed lower, and this could ultimately give weight to the idea that the marginal bounce over the last few days has been nothing but a correction in a brand new downtrend," said IG senior market strategist Brenda Kelly. JN Financial trader Rick Jones said he had bought positions in the FTSE 100 at 6,200 and would look to the 6,280 mark as an initial level at which to sell and take profits. Jones said short-term traders could find some positive signs from the fact that the FTSE had held above the 6,200 level, which marked a low point in mid-January after which the FTSE slowly climbed higher. "The market in the medium-term is still bearish but there is scope for a temporary rebound," said Jones. (Editing by Greg Mahlich) Link this Share this Digg this Email Reprints

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