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FTSE at one-year low

FXStreet (Mumbai) - The UK Equity index opened lower today to trade at a one-year low after prices broke below a couple of key technical support levels.

The Ftse is trading 0.84% lower at 6378, a level last seen on 10th Oct, 2014. All sectors are trading in red except Electricity and Insurance stocks which are trading marginally higher. Meanwhile, Construction stocks have declined 0.83% after the official data in the UK showed that the Construction Output during the month of August declined by 3.9%, against the market expectation of 0.5% expansion month-on-month.

Markets are also worried about the Ebola hurting travel firms. "Everybody in the travel industry is waiting to see if the virus will spread. It could be very significant, or it could be nothing," said Robin Byde, analyst at Cantor Fitzgerald Europe.

On a positive note, the UK Trade deficit during the month of August declined to GBP 3587 million against the market expectation of GBP 4000 million.

Ftse Technical level

Ftse has an immediate support of 6374 (daily low), while the resistance is located at 6386 (low of 21st Aug, 2013). The Index can extend losses to 6337, if the prices fail to bounce back.

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