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FTSE weakens despite rise in manufacturing activity

FXStreet (Mumbai) - The UK equity markets weakened despite the PMI data highlighting the expansion of the manufacturing activity in October.

The Ftse is trading 0.38% lower at 6519.50 levels, while the PMI manufacturing came-in at 53.2, compared to the market expectation of 51.2. The index breadth is negative with an advance decline ratio of 29:71. Among the top gainer are the shares of EasyJet, Randgold, IAG, Petrofac. On the other hand, 3I group, RBS PLC, Centrica, G4 S and Burberry share prices are the top losers so far.

Earlier, the index had received a strong support from the airline stocks after Irish company Ryanair lifted its profit forecast. Thus Easyjet and IAG rose 3% and 1.6%, respectively, after the Ryanair news hit the wires.

Ftse Technical Levels

The index has an immediate resistance at 6528, above which the price can re-test 6557 levels. On the other hand, a failure to rise above 6528 shall open doors for 6475 levels on the downside.

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