Sydney - Australian stocks traded in a wide range Tuesday with the announcement mid-session of a 1-per-cent interest rate cut powering the market off morning lows.
The AXS 200 put on 78 points, or 1.7 per cent, to close the day at 4,618.
Sellers swamped the market at the opening bell with the index losing more than 3 per cent in the first minutes of trading.
But the afternoon statement from the Reserve Bank of Australia (RBA) of a bigger-than-expected cut in the rate at which it lends to banks reversed the direction and took stocks out of the red.
Mumbai, Oct 7 : After the downward trend over the past few days, the Sensex opened this morning up by over 379 points in early trade. The improvement in the index was attributed to revival of buying by FIIs after SEBI eased curbs on indirect investments by foreign funds and the RBI slashed CRR.
The 30-share index, which had plunged 724.62 points on Monday, recovered by 379.73 points to 12,181.43 points following rebound in the stocks of banking, capital goods, realty and oil and gas sectors.
Similarly, the wide-based National Stock Exchange''s index rose by 127.05 at 3,729.40.
Manila - Philippine shares dropped 3.01 per cent on Tuesday as panic engulfed stock markets around the world over the deepening global financial crisis.
The Philippine Stock Exchange's 30-share composite index shed 75.34 points to close at 2,424.19 from Monday's finish of 2,499.53 points.
A total of 1.38 billion shares valued at 2.30 billion pesos (48.26 million dollars) were traded.
Losers swamped gainers, 108 to 10, with 28 issues unchanged.
Sydney - Sellers swamped the Australian stock market at the opening bell Tuesday as investors took their turn to join in the global sell-off.
The ASX 200 lost 142 points, or 3.1 per cent, to take the index to 4,398.
It was the same story in New Zealand, where the index gave up 79 points, or 2.6 per cent, to 2,969 at the opening.
The drop in share values was mirrored in the Australian dollar's performance on the cross rates. It gave up 5 US cents in overnight trading to reach a two-year low of 72 US cents.
Washington - President George W Bush on Monday warned it would take some time for the 700-billion-dollar rescue package to help free up credit availability and restore confidence in the financial system.
As stocks plunged more than 5 per cent Monday morning, Bush said the legislation he signed Friday was a "big step toward solving the problem" but recognized that small businesses and consumers were still reeling from the credit crunch.
Sydney - Australian stocks traded in a wide range Tuesday with the announcement mid-session of a 1-per-cent interest rate cut powering the market off morning lows.
After the downward trend over the past few days, the Sensex opened this morning up by over 379 points in early trade. The improvement in the index was attributed to revival of buying by FIIs after SEBI eased curbs on indirect investments by foreign funds and the RBI slashed CRR.
Manila - Philippine shares dropped 3.01 per cent on Tuesday as panic engulfed stock markets around the world over the deepening global financial crisis.
Sellers swamped the Australian stock market at the opening bell Tuesday as investors took their turn to join in the global sell-off.
Tokyo - Stocks in Tokyo continued their downward c
Washington - President George W Bush on Monday warned it would take some time for the 700-billion-dollar rescue package to help free up credit availability and restore confidence in the financial system.
