Asian stocks rise sharply on recovery signs May 19, 2009
Posted by dhirendra1972 in Better-than-expected, Biggest Point Gain, Largest Economy, Positive Territory, Stronger Crude Price, Strongest Performance.Tags: Asian Stock Market, Benchmark Crude, Crude Price, Dollars, Domestic Product Data, Economic Crisis, Economic Recovery, Euro, Financial Crisis, Home Improvement Chain, Homebuilders, Hong Kong, Housing Crisis, Investors, Longer-term Recovery, Royal Bank of Scotland, Tokyo, World Economy, Yen
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Good morning friends. Asian stock markets jumped on Tuesday as investors welcomed better-than-expected news about US housing and banks as another sign the world economy was headed for recovery.
Tokyo and Hong Kong indexes added 3 per cent in one of the region’s strongest performances in days. Financials helped lead the way after American banks lifted Wall Street overnight, while oil companies were higher on the back of stronger crude prices.
Investor’s appetite for risk returned as they latched onto some reassuring signals from the two US industries at the heart of the economic crisis: housing and financials. Lowe’s home improvement chain posted upbeat results, homebuilder confidence rose and analysts issued rosy comments about banks, suggesting a recession in the world’s largest economy was easing.
The news also lent more support to the market narrative about economic recovery that has helped drive massive amounts of hot money into equities in recent weeks, said Andrew Orchard, Asia strategist for Royal Bank of Scotland in Hong Kong.
“I’m still not convinced of a longer-term recovery, although I do think this rally can continue for several months,” Orchard said. “As the markets continue to pick up, more people have to invest, whether they believe in the recovery or not.”
Japan’s Nikkei 225 stock average rose 266.96 points, or 3 per cent, to 9,305.65, with some investors cautious ahead of the release of gross domestic product data on Wednesday. Hong Kong’s Hang Seng climbed 515.78, or 3 per cent, to 17,538.69. South Korea’s Kospi was up 2.9 per cent at 1,427.31.
In India, where stocks surged 17 per cent the day before after the results of national elections, the Sensex added another 1 per cent to 14,417.87. The Shanghai index gained 0.7 per cent, Australia’s stock measure was 2.2 per cent higher and Taiwan’s market rose 1.2 per cent.
Asian markets, as is often the case, took their direction from Wall Street,
Overnight in New York, investors pushed the Dow up 235.44, or 2.9 per cent, to 8,504.08—the biggest point gain since a 246-point jump on April 9.
The S&P 500 index rose 26.83, or 3 per cent, to 909.71, putting it back into positive territory for the year.
US futures pointed to a mixed session on Wall Street on Tuesday. Dow futures were down 6 points, or 0.1 per cent, at 8,464 and S&P futures were up 1.8, or 0.2 per cent, at 908.90.
The stock market’s advance also buoyed oil prices, with benchmark crude for June delivery rising 79 cents to $59.82 in Asian trade. On Monday, the contract jumped $2.69 to settle at $59.03.
In currencies, the dollar gained to 96.45 yen from 96.36 yen, while the euro edged up to $1.3569 from $1.3554. - The Economic Times
Market steady; oil & gas, power stocks lead – 1 January 16, 2009
Posted by dhirendra1972 in Bearish Trend Line, Broad-base, Decent Gain, Markets Nature, Positive Territory, Positve Start, Seconline Stocks, Sectoral Indices, Stock Broking.Tags: Gain, Realty, Stocks, Territory, Trend Line
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Good morning friends.
The key indices got off to a positive start on Friday although gains were modest. Buying interest was broad-based, with all sectoral indices, barring realty, in positive territory.
“The markets have taken solace from the fact that the Dow managed to bounce back from the intraday lows after breaching the 8000 mark, quite in a way in which our Sensex breached the 9000 mark and then closed 100 points higher from the bottom. TCS has taken a morning cold water plunge, after those not so inspiring numbers last evening,” said VK Sharma of Anagram Stock Broking.
At 10:40 am, Bombay Stock Exchange’s Sensex climbed 1.79 per cent or 162.71 points to 9,209.11. The index touched a high of 9219.12 and low of 9215.65 so far. National Stock Exchange’s Nifty rose 1.75 per cent or 47.95 to 2784.65. The index touched a high and low of 2788.30 and 2724.20 respectively.
Sharma added, “Both the Nifty and the Sensex are below the bearish trend line. But their meandering around 3-4% is not going the change the nature of the markets. One could buy the intraday dips today with tight stop losses. The music for the markets could stop if the 1050 level in Reliance breaks – a level, which it has successfully defended these days.”
Secondline stocks also posted decent gains. The BSE Midcap and Smallcap indices were up 1.13 per cent and 0.9 per cent respectively.
ref: theeconmictimes
