Stock Markets

US stocks plummet on new mortgage crisis fears

US stocks plummet on new mortgage crisis fearsNew York  - Major US stock indices fell sharply Wednesday on technology sales warnings and fresh concerns of more mortgage-related losses for financial firms.

Government-chartered lenders Fannie Mae and Freddie Mac plunged to 16-year share-price lows on renewed warnings that they lack enough capital to keep their operations running.

The condition of the two largest US home-loan providers has ignited fears of another batch of mortgage-related writedowns and led a sharp drop in financial shares.


China shares soar again as volatility continues

Beijing - China's main stock market soared by nearly 4 per cent on Wednesday as the chance of a central bank interest hike was diminished when experts estimated inflation would continue to decline in June. 

The key Shanghai Composite Index, which tracks shares traded in local and foreign currency gained 3.75 per cent to close at 2,920.55. 

The smaller Shenzhen Component Index also gained 4.07 per cent and reached 1,0355.37 points at the end of trading. 

The surge on Wednesday continued a period of strong daily fluctuations amid an overall downward trend in China's inflated share prices, with many analysts expecting more volatility. (dpa)


Singapore launching mercantile exchange

Singapore - Singapore is launching a mercantile exchange to facilitate the trading of commodity derivatives in the Asia time zone, a financial market conference was told on Wednesday.

The Singapore Mercantile Exchange (SMX) will offer trading in metals, base metals, energy, agricultural goods, currency pairs, carbon credits and commodity indices, said Ministry of Trade and Industry Lim Hng Kiang.

It will be the first in Asia to offer such a diversified range of products on a single platform, analysts said.

SMX is backed by India-based Financial Technologies.

Lim said the involvement of Financial Technologies, which operates seven exchanges, "underscores Singapore's position as a key commodities trading hub."


India's Sensex gains 4.3 per cent in early trade

New Delhi - India's benchmark Sensex posted a substantial gain of 4.3 per cent in early trade Wednesday on funds and investors buying in blue-chip stocks.

The 30-share sensitive index which lost 176.34 points on Tuesday gained 575.52 points and was trading at 13,925.17.

Buying was seen in automotive, banking, realty, power and capital goods stocks.

Similarly, the broader S&P CNX Nifty of the National Stock Exchange, regained the 4,100 level by gaining 133.80 points to 4122.35 points.

Market analysts said falling crude oil prices and firming global markets had a positive impact on the trading in the domestic bourses. (dpa)


Reliance Money enters Nigerian market

Reliance Money

Broking and stock market related products major Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group, has announced its foray into Nigeria through a partnership with Lagos-based industrial house Chellarams Plc.

Through this alliance, Reliance Money would be launching its Broking and Portfolio Management Services (PMS), Mutual Fund and Insurance distribution business. The company’s Portfolio Management Services in Nigeria would be offered at a threshold level of as low as US$50,000.


Tokyo stocks open higher on Wall Street rise, machinery orders

Stock MarketTokyo - Tokyo stocks opened higher Wednesday after overnight gains in the US market and better-than-expected Japanese machinery orders for May.

The Nikkei 225 Stock Average rose 237.17 points, or 1.82 per cent, to 13,270.27.

The broader Topix index of all first-section issues was up 24.19 points, or 1.88 per cent, to 1,307.7.

The Cabinet Office report on Wednesday showed Japanese core machinery orders rose a seasonally adjusted 10.4 per cent in May to 1.11 trillion yen (10.41 billion dollars) from the previous month.


US stocks jump as oil falls; Fed could extend credit protections

US StocksNew York - US stock indices recorded their biggest jump in a month as oil prices fell sharply Tuesday and the Federal Reserve opened the door to extending emergency lending into 2009.

Fed Chairman Ben Bernanke said that the central bank's unprecedented lending to investment banks, set up in March at the height of the credit crisis for a six-month period, could be extended into 2009 if the financial sector's "unusual and exigent circumstances continue to prevail."


Sensex Slips 249.66 Pts At 13,276.33

The 30-share benchmark index, Sensex continued to trade in the negative Sensex Slips 249.66 Pts At 13,276.33zone due to heavy selling action seen in key stocks.

Midcap and Smallcap lost 0.56% and 0.72% respectively.

At 2.26 p.m., Sensex lost 249.66 at 13,276.33, while NSE Nifty stood at 3974.65, down 55.35 points.

The overall market breadth was sharply negative.

Out of the total 2,561 stocks traded at BSE, 924 advanced, 1575 declined while 62 remained unchanged.

All sectoral indices were trading in negative except BSE Power and Consumer Goods.


Hong Kong stocks fall 3 per cent on renewed concerns over economy

Hong Kong  - Hong Kong stocks plunged 3.16 per cent Tuesday on renewed concerns over the US economy.

The Hang Seng index closed 692 points lower to end trading at 22,120 points, its lowest level in 15 weeks. Turnover was 63.25 billion Hong Kong dollars (8.7 billion US dollars).

The fall wiped out gains from Monday's rally when the index rose more than 2 per cent on talks of market-boosting measures in China.

However, analysts said investors took fright and dumped blue chips following overnight losses on Wall Street and when the measures failed to materialise.

Losses were across the board with heavyweights HSBC and China Mobile leading the way, losing 2.4 per cent and 2.75 per cent respectively.


Vueling shares up after merger with Clickair is announced

Madrid - Shares of the Spanish low-cost carrier Vueling rose by 21 per cent to 6.65 euros (10.46 dollars) Tuesday after its merger with Clickair was confirmed late Monday.

Trading had been suspended in the shares of Vueling and of Spain's top airline Iberia, which controls Clickair.

The merger will create Spain's biggest low-cost airline and the third biggest carrier after Iberia and Spanair, with a fleet of 45 aircraft, 2,020 employees, 300 daily flights and
112 routes.

Iberia will hold a 46 per cent stake in the new Barcelona-based airline, which will be called Vueling.

Rising petrol prices and other difficulties facing the aviation sector had made the merger virtually inevitable, press reports said. (dpa)


Vueling shares up after merger with Clickair is announced

Madrid - Shares of the Spanish low-cost carrier Vueling rose by 21 per cent to 6.65 euros (10.46 dollars) Tuesday after its merger with Clickair was confirmed late Monday.

Trading had been suspended in the shares of Vueling and of Spain's top airline Iberia, which controls Clickair.

The merger will create Spain's biggest low-cost airline and the third biggest carrier after Iberia and Spanair, with a fleet of 45 aircraft, 2,020 employees, 300 daily flights and
112 routes.

Iberia will hold a 46 per cent stake in the new Barcelona-based airline, which will be called Vueling.

Rising petrol prices and other difficulties facing the aviation sector had made the merger virtually inevitable, press reports said. (dpa)


Shares fall sharply in Seoul

Seoul - Shares nosedived Tuesday on the Seoul stock exchange on worries over a global credit crunch and fear of monetary tightening. 

The benchmark Kospi index fell 46.25 points, or 2.9 per cent, to close at 1,533.47. 

Declining issues outnumbered advancers 724 to 100. 

The main index of the technology-heavy Kosdaq market fell 18.25 points to 515.92. 

On currency markets, the US dollar was quoted at 1,032.70 Korean won, after 1,042.90 won on Monday. (dpa)


India's Sensex loses 3.5 per cent on political uncertainty

New Delhi - India's benchmark Sensex shed more than 450 points, a loss of 3.48 per cent on Tuesday on heavy selling by funds and investors in blue-chip stocks.

The 30-share sensitive index lost 471.02 points and was trading at 13,054.97 points, paring gains of 430 points over the past two trading sessions.

The broader S&P CNX Nifty of the National Stock Exchange, also lost 133.95 points to dip below the 3,900 level at 3,896.05.

Market analysts said the trading sentiments turned negative ahead of a crucial meeting of left-wing parties to decide whether to withdraw support for the ruling UPA coalition over the India-US nuclear deal.

Declines on some leading Asian bourses also had a negative effect on the Sensex. (dpa)


Tokyo stocks slip due to overnight Wall Street declines

Tokyo - Tokyo stocks ended morning trading lower Tuesday following the US market's overnight falls.

The Nikkei 225 Stock Average lost 238.18 points, or 1.78 per cent, to 13,121.86.

The broader Topix index of all first-section issues was also down 20.27 points, or 1.54 per cent, to 1,292.53.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 107.05-08 yen, down from Monday's 5 pm quote of 107.62-63 yen.

The euro was quoted at 1.5720-25 dollars, up from Monday's 5 pm quote of 1.5624-26 dollars, and at 168.31-36 yen, up from 168.15-19 yen. (dpa)


China shares soar again as volatility continues

Stock market, ChinaBeijing - China's main stock market soared by nearly 5 per cent on Monday amid a widespread rally led by state-run financial, aviation and property firms, and speculation that the government may try to bolster the real-estate sector.

The key Shanghai Composite Index, which tracks shares traded in local and foreign currency, gained 122.65 points, or 4.59 per cent, to close at 2,792.54.

The smaller Shenzhen Component Index also gained 3.96 per cent, while only eight stocks fell of the 1,581 listed on the two markets.


Hong Kong shares rebound by more than 2 per cent

Hong Kong - Hong Kong stocks jumped by more than 2 per cent Monday as sentiment improved following a week in which shares slipped to their lowest level in three months.
The Hang Seng Index ended the day at 21,913.06, up 489.24 points or 2.28 per cent on Friday's close. Turnover was a relatively low 59.8 billion Hong Kong dollars (7.66 billion US dollars).
Analysts attributed the rebound to bargain-hunting after heavy losses across the board last week, accompanied by a more upbeat mood because of positive earnings forecasts by some Chinese banks. (dpa)


New top 20 China stocks index launched in Singapore

Singapore - A new tradeable index of the 20 biggest Chinese companies on the Singapore Exchange (SGX) was launched on Monday.

The FTSE ST China Top Index was created in partnership with Singapore Press Holdings and the FTSE group "in response to demand from institutional investors and fund managers in China and around the world," said Ignatius Low, money editor of The Straits Times newspaper.

The index will give them "instant exposure to a smaller, readily tradable basket of highly liquid Singapore-listed China stocks," he said.


Tokyo stocks open slightly lower

Tokyo - Tokyo stocks opened slightly lower Monday with little trading incentives.

The Nikkei 225 Stock Average edged down 8.43 points, or 0.06 per cent, to 13,229.46.

The broader Topix index of all first-section issues was also down 0.35 points, or 0.03 per cent, to 1,297.53.

Market analysts said that investors who expect little from the Group of Eight summit meeting being held in Toyako, Japan, retreated to the sidelines Monday.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 106.73-78 yen, up from Friday's 5 pm quote of 106.72-75 yen.

The euro was quoted at 1.5692-97 dollars, down from Friday's 5 pm quote of 1.5715-18 dollars, and at 167.53-58 yen, down from 167.74-78 yen. (dpa)


Infra, Realty, Banking Stocks Profitable For Trading, Says Vishwas Agarwal

After opening 33 points higher at 13,127, on Friday, the BSE Sensex BSE Sensexslipped into red to a low of 13,028.

Afterward, the stock index bounced back into the positive terrain and moved higher due to continued buying activity seen in realty and capital goods stocks.

Finally, the Sensex closed the week after making a gain of 359.89 points at 13,454.00 while the broad-based NSE Nifty ended the week at 4,016.00, up 90.25 points.

For the week ended June 21, inflation rate climbed up to 11.63 percent, as against 11.42% during the last week.


Sensex Slumps 1,117.29 Pts During The Week

India’s benchmark index, Sensex lengthened its losses to the 7th straight week by declining over 7%. The declension was mainly because of heavy selling activity by overseas investors, weak worldwide markets, rising inflation and surging energy prices.

Foreign capitalists preferred to take away funds from Indian stock markets as they felt that more pain is left in the market because of global price increase and expectation of retardation in global economy.

The stocks including ACC, Maruti Suzuki, Grasim, Reliance Energy and Tata Steel led the fall.

The 30-share benchmark index, Sensex lost 1,117.29 points to 13,454.00 during the week ended July 04 while the broad based NSE Nifty fell 331.55 points to 4,016 in the same period.


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Technical View on Stocks
Anil ManghnaniRajat BoseVijay BhambwaniAmbareesh BaligaPrakash GabaSudarshan SukhaniAshwani GujralAshu Madan

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