27 Aug 2008 | 16:27
Asian Markets Closed Mixed
The
stock markets across the Asian region closed mixed, as Wall Street
provided a mixed lead after negative investor sentiment due to higher
oil prices offset positive sentiment generated by better-than-expected
reading on consumer confidence.
In late Asian trading, oil
prices edged above the $117 a barrel mark, rising for the third
straight day, on fears that Tropical Storm Gustav could strengthen to
hurricane levels. Energy stocks gained on higher oil prices, but
exporters fell as the dollar eased against major Asian currencies. By
4:53 a.m. ET, crude oil futures were up 77 cents at $117.04 a barrel
after the contract finished $1.16 higher at $116.27 a barrel on Tuesday
in U.S. trading.
On the currency front, the U.S, dollar eased to
lower 109-yen levels in late Tokyo deals, from mid 109-yen levels in
early trade and upper 109-yen levels late Tuesday.
The South
Korean won strengthened against the greenback on suspected dollar
selling by authorities to lift the local unit. The won finished at
1,084.1 a dollar, up from Tuesday's close of 1,089.4.
The
Australian dollar closed higher after dropping to an eleven-month low
during offshore trading. The Aussie finished the local session at
US$0.8580-0.8582, up from Tuesday's close of US$0.8559-0.8563.
The
New Zealand dollar rose after the release of business confidence data.
The kiwi finished the session at US$0.7025, up from US$0.6976 in early
trade and Tuesday's late quotes of US$0.6970.
Coming back in the
equities the Japanese market closed lower, extending Tuesday's losses.
Investors remained cautious ahead of a series of key economic data
scheduled for release on Thursday and Friday in the U.S. and Japan. The
market traded weak in the morning session, but recovered some ground in
the afternoon session. The benchmark Nikkei 225 index closed down 0.2%
at 12,752.96 and the broader Topix index slipped 0.5% to finish at
1,223.69.
On the economic front, traders had little economic
data to digest on Wednesday. In the U.S., traders await durable goods
orders and GDP numbers on Thursday and Friday respectively, while Japan
will announce its July consumer price index, jobless rate, household
spending and other data on Friday.
The Chinese market closed
lower for a second day, as investors remained cautious amid concerns
about government action to support the markets. The benchmark Shanghai
Composite Index closed down 0.34% at 2,342.15 after falling to as low
as 2,310.46. In Shenzhen, the All Share index plunged by 0.56% to
642.82.
The Hong Kong market closed sharply higher, extending
gains in the afternoon as heavyweight China Mobile surged after
reporting better-than-expected first-half earnings. The Hang Seng China
Enterprises tracked Shanghai stocks zoomed up by 3.28% at 11,780.91
while the benchmark Hang Seng index closed up 1.94% at the day's high
of 21,464.72.
The Australian stock market closed slightly higher
after posting marginal losses on Tuesday. Energy stocks gained on
higher oil prices, but financial stocks were weak on credit crunch
concerns. The benchmark S&P/ASX 200 index closed up 0.07% at
5,011.2 after losing 0.2%. The broader All Ordinaries index lost 5.5
points or 0.11% to finish 5,087.8.
On the economic front, the
Australian Bureau of Statistics said that the value of total
construction work done in Australia fell 2.6% in volume terms in the
second quarter of 2008. The total construction work done for the
quarter was valued at A$30.137 billion, compared to an upwardly revised
A$30.947 billion in the March quarter. On a seasonally adjusted basis,
total value of building work done in the June quarter rose to A$16.797
billion from an upwardly revised A$16.756 billion in the March quarter.
The
New Zealand market closed mixed after trading in positive territory in
the morning session. The benchmark NZX 50 index closed down 0.07% at
3,318.52 after losing 0.2%, while the broader NZX All Capital Index
rose 0.02% to finish at 3,359.58.
The National Bank of New
Zealand's latest survey showed that business confidence in New Zealand
improved in August, with a net 20.5% of those surveyed expecting worse
times over the year ahead, an improvement from the net 43.2% expecting
worse times in last month's survey. A net 4.7% expect conditions for
their own business to improve in the coming year, while in the survey
last month a net 8.2% expected conditions for their own business to
worsen over the coming year.
The South Korean market finished
marginally higher, as bargain hunting resumed after the key index
posted losses in opening trade and yesterday. The benchmark Kospi
closed up 0.25% to end at 1,493.92. The Kospi, which tumbled down to
the 1,460 levels in the morning due the won's steep devaluation,
rebounded on bargain hunting.
In India the market which was
ranged throughout the day cracked in late trade spooked by reports that
the Reserve Bank of India may hike cash reserve ratio tomorrow to
arrest runaway inflation which is at 16-year high. Index heavyweight
Reliance Industries (RIL) and bank stocks weighed on the indices.
Inflation
as measure by wholesale price index is speculated to rise further to a
fresh 16-year high in the week ended 16 August 2008. Global credit
rating agency Moody's expects the Reserve Bank of India to further
tighten monetary policy to contain rising prices
The BSE
30-share Sensex was down 181.03 points or 1.25% to 14,301.13, as per
provisional closing. It opened 80.88 higher at 14,563.10, which is also
its high so far in the day. Sensex hit a low of 14,261.69 in late
trade. At the day?s low, the Sensex lost 220.53 points. The S&P CNX
Nifty slipped 41 points or 0.95% to 4,296.45 as per provisional closing
Elsewhere,
Taiwan's Taiex closed up 1.67% at 7,080.97; Singapore's Strait Times
closed down 0.1% at 2,705.09; Malaysia's KLCI closed down 0.3% at
1,067.65; Indonesia's Jakarta Composite index closed up 1.12% at
2,131.06.
In the other part of the world, European shares
weakened in early trading, as an up tick in oil prices pressured stocks
sensitive to consumer spending such as automaker Daimler.
In the
opening trade, the U.K. FTSE 100 index lost 0.2% to 5,459.60, the
German DAX 30 index dropped 0.5% to 6,306.95 and the French CAC-40
index lost 0.6% to 4,341.57. At 10.37 GMT all this national indices
continued to slump further. U.K. FTSE 100 index fell further at 0.3% to
5,454.40. The German DAX 30 index fell 1.21% to 6,263.73, while the
French CAC-40 index decreased by 1.21% to 4,315.67.
Looking
ahead the day is schedule to release Inflation data from Germany, which
will be followed by durable good orders details from U.S. In the later
evening we will see to the weekly crude oil stock from US.
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Asian Markets Closed Mixed
The
stock markets across the Asian region closed mixed, as Wall Street
provided a mixed lead after negative investor sentiment due to higher
oil prices offset positive sentiment generated by better-than-expected
reading on consumer confidence.
In late Asian trading, oil
prices edged above the $117 a barrel mark, rising for the third
straight day, on fears that Tropical Storm Gustav could strengthen to
hurricane levels. Energy stocks gained on higher oil prices, but
exporters fell as the dollar eased against major Asian currencies. By
4:53 a.m. ET, crude oil futures were up 77 cents at $117.04 a barrel
after the contract finished $1.16 higher at $116.27 a barrel on Tuesday
in U.S. trading.
On the currency front, the U.S, dollar eased to
lower 109-yen levels in late Tokyo deals, from mid 109-yen levels in
early trade and upper 109-yen levels late Tuesday.
The South
Korean won strengthened against the greenback on suspected dollar
selling by authorities to lift the local unit. The won finished at
1,084.1 a dollar, up from Tuesday's close of 1,089.4.
The
Australian dollar closed higher after dropping to an eleven-month low
during offshore trading. The Aussie finished the local session at
US$0.8580-0.8582, up from Tuesday's close of US$0.8559-0.8563.
The
New Zealand dollar rose after the release of business confidence data.
The kiwi finished the session at US$0.7025, up from US$0.6976 in early
trade and Tuesday's late quotes of US$0.6970.
Coming back in the
equities the Japanese market closed lower, extending Tuesday's losses.
Investors remained cautious ahead of a series of key economic data
scheduled for release on Thursday and Friday in the U.S. and Japan. The
market traded weak in the morning session, but recovered some ground in
the afternoon session. The benchmark Nikkei 225 index closed down 0.2%
at 12,752.96 and the broader Topix index slipped 0.5% to finish at
1,223.69.
On the economic front, traders had little economic
data to digest on Wednesday. In the U.S., traders await durable goods
orders and GDP numbers on Thursday and Friday respectively, while Japan
will announce its July consumer price index, jobless rate, household
spending and other data on Friday.
The Chinese market closed
lower for a second day, as investors remained cautious amid concerns
about government action to support the markets. The benchmark Shanghai
Composite Index closed down 0.34% at 2,342.15 after falling to as low
as 2,310.46. In Shenzhen, the All Share index plunged by 0.56% to
642.82.
The Hong Kong market closed sharply higher, extending
gains in the afternoon as heavyweight China Mobile surged after
reporting better-than-expected first-half earnings. The Hang Seng China
Enterprises tracked Shanghai stocks zoomed up by 3.28% at 11,780.91
while the benchmark Hang Seng index closed up 1.94% at the day's high
of 21,464.72.
The Australian stock market closed slightly higher
after posting marginal losses on Tuesday. Energy stocks gained on
higher oil prices, but financial stocks were weak on credit crunch
concerns. The benchmark S&P/ASX 200 index closed up 0.07% at
5,011.2 after losing 0.2%. The broader All Ordinaries index lost 5.5
points or 0.11% to finish 5,087.8.
On the economic front, the
Australian Bureau of Statistics said that the value of total
construction work done in Australia fell 2.6% in volume terms in the
second quarter of 2008. The total construction work done for the
quarter was valued at A$30.137 billion, compared to an upwardly revised
A$30.947 billion in the March quarter. On a seasonally adjusted basis,
total value of building work done in the June quarter rose to A$16.797
billion from an upwardly revised A$16.756 billion in the March quarter.
The
New Zealand market closed mixed after trading in positive territory in
the morning session. The benchmark NZX 50 index closed down 0.07% at
3,318.52 after losing 0.2%, while the broader NZX All Capital Index
rose 0.02% to finish at 3,359.58.
The National Bank of New
Zealand's latest survey showed that business confidence in New Zealand
improved in August, with a net 20.5% of those surveyed expecting worse
times over the year ahead, an improvement from the net 43.2% expecting
worse times in last month's survey. A net 4.7% expect conditions for
their own business to improve in the coming year, while in the survey
last month a net 8.2% expected conditions for their own business to
worsen over the coming year.
The South Korean market finished
marginally higher, as bargain hunting resumed after the key index
posted losses in opening trade and yesterday. The benchmark Kospi
closed up 0.25% to end at 1,493.92. The Kospi, which tumbled down to
the 1,460 levels in the morning due the won's steep devaluation,
rebounded on bargain hunting.
In India the market which was
ranged throughout the day cracked in late trade spooked by reports that
the Reserve Bank of India may hike cash reserve ratio tomorrow to
arrest runaway inflation which is at 16-year high. Index heavyweight
Reliance Industries (RIL) and bank stocks weighed on the indices.
Inflation
as measure by wholesale price index is speculated to rise further to a
fresh 16-year high in the week ended 16 August 2008. Global credit
rating agency Moody's expects the Reserve Bank of India to further
tighten monetary policy to contain rising prices
The BSE
30-share Sensex was down 181.03 points or 1.25% to 14,301.13, as per
provisional closing. It opened 80.88 higher at 14,563.10, which is also
its high so far in the day. Sensex hit a low of 14,261.69 in late
trade. At the day?s low, the Sensex lost 220.53 points. The S&P CNX
Nifty slipped 41 points or 0.95% to 4,296.45 as per provisional closing
Elsewhere,
Taiwan's Taiex closed up 1.67% at 7,080.97; Singapore's Strait Times
closed down 0.1% at 2,705.09; Malaysia's KLCI closed down 0.3% at
1,067.65; Indonesia's Jakarta Composite index closed up 1.12% at
2,131.06.
In the other part of the world, European shares
weakened in early trading, as an up tick in oil prices pressured stocks
sensitive to consumer spending such as automaker Daimler.
In the
opening trade, the U.K. FTSE 100 index lost 0.2% to 5,459.60, the
German DAX 30 index dropped 0.5% to 6,306.95 and the French CAC-40
index lost 0.6% to 4,341.57. At 10.37 GMT all this national indices
continued to slump further. U.K. FTSE 100 index fell further at 0.3% to
5,454.40. The German DAX 30 index fell 1.21% to 6,263.73, while the
French CAC-40 index decreased by 1.21% to 4,315.67.
Looking
ahead the day is schedule to release Inflation data from Germany, which
will be followed by durable good orders details from U.S. In the later
evening we will see to the weekly crude oil stock from US.
Visit our site at – http://investorline.co.in/
Newsromm - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Latest News - http://investorline.co.in/blogger/?q=aggregator/categories/1
News Resources - http://investorline.co.in/blogger/?q=aggregator/sources
Newscatcher- http://catcher.investorline.co.in/
Newsgroups- http://groups.google.com/group/india-investor
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