Stock Markets

Indian shares soar on rate cut hopes

Indian shares soar on rate cut hopesNew Delhi - Indian equities soared over 5 per cent on Friday tailing positive cues from global markets after rate cuts in the United States and Japan.

The 30-share Sensex of the Bombay Stock Exchange was trading at 9,651.12 around noon, about 6.71 per cent above its previous close.

The broader 50-share Nifty of the National Stock Exchange also showed strong positive signals, trading 5.35 per cent up at 2,841.30.

Indian share markets opened Friday after being closed the previous day for a festival holiday.

Shares gain 2.6 per cent in Seoul

Shares gain 2.6 per cent in SeoulSeoul - Shares continued their rebound Friday on the Seoul stock exchange, tracking overnight gains in the US market, after suffering heavy losses earlier this week.

However, South Korea's currency, the won, fell again, after it posted its largest gain versus the dollar in a decade Thursday on a currency swap deal between the country's central bank and the US Federal Reserve.

The benchmark Kospi index soared 28.34 points, or 2.6 per cent, to close at 1,113.06.

Advancing issues outpaced decliners 643 to 218.

Nikkei falls 5 per cent despite interest-rate cut

Nikkei falls 5 per cent despite interest-rate cutTokyo - Japan's benchmark Nikkei 225 Stock Average plunged 5 per cent Friday and fell below 9,000 despite the Bank of Japan's announcement of an interest-rate cut as investors turned bearish over lowered corporate earnings forecasts.

The Nikkei index dropped 452.78 points to close at 8,576.98.

The broader Topix index of all first-section issues also fell 32.25 points, or 3.59 per cent, to 867.12.

Taiwan stocks rise nearly 4 per cent on Wall Street rally

Taiwan stocks rise nearly 4 per cent on Wall Street rally Taipei - Taiwan stocks rose nearly 4 per cent Friday on an overnight rally on Wall Street and in expectation of expanded Taiwan-China exchanges.

The Taiex index soared 187.02 points, or 3.99 per cent, to close at 4,870.6.

Analysts attributed the surge not only to Thursday's rally on Wall Street, where the three major indices rose more than 2 per cent, but also to China's promise to ease restrictions on mainlanders visiting Taiwan.

Philippine shares rise more than 4 per cent

Philippine shares rise more than 4 per cent Manila - Philippine share prices rose 4.62 per cent on Friday as investors snapped up undervalued stocks.

The Philippine Stock Exchange's 30-share composite index gained 86.16 points to close at 1,951.09 points from Thursday's finish of 1,864.93.

A total of 1.78 billion shares valued at 3.10 billion dollars (63.26 million dollars) were traded.

Gainers outpaced losers 99 to 16, while 32 issues were unchanged.

Sensex Opens Positive, Continues To Rally

Sensex Opens Positive, Continues To RallyIndian equities opened strongly on the back of positive global cues.

IT, FMCG and oil & gas stocks gained ground. BSE Midcap and Smallcap index rose more than 2% each.

The US Federal Reserve slashed bank rates by 50 basis points on Wednesday (Oct 29), and many other central banking institutions are likely to follow suit sooner than later.

The inflationary figures declined to 10.68% for the week ended October 18, as compared with 11.07 per cent for the previous week. The annual rate of inflation was 3.11 per cent in the corresponding period a year ago.

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