News Column

Asia shares rise

May 14, 2014

Wall Street's record performance boosts markets

Asian stock markets were boosted on Wednesday after the S&P 500 rose above 1,900 for the first time, but European markets meandered ahead of a likely flat start to US trading.

Germany's DAX slipped 0.1 per cent to 9,746.37 and France's CAC 40 shed 0.1 per cent to 4,498.55. Britain'sFTSE 100 was barely changed at 6,870.63. Futures augured little movement on Wall Street, with Dow and S&P 500 futures both flat.

Though most Asian markets were lifted by the boost to sentiment from Wall Street's performance, Japan's benchmark remained in negative territory as investors locked in profits from recent gains.

The Standard & Poor's 500 topped the 1,900 mark for the first time on Tuesday, driven by optimism over the economic recovery, before closing just below it, up 0.1 per cent at 1,897.45.

Tokyo's Nikkei 225 stock index lost 0.1 per cent to 14,405.76 after a two per cent jump the day before on a weaker yen.

Elsewhere in Asia, shares were mostly higher. South Korea's Kospi added 1.4 per cent to 2,010.83 and the Hang Seng in Hong Kong perked up after its midday break, gaining one per cent to 22,582.77.

Mainland China's bellwether Shanghai Composite Index fell on recent weak economic data, but shares rose in Thailand, the Philippines, Malaysia and Indonesia.

Benchmark US crude for June delivery was up 34 cents at $102.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.11 Tuesday to $101.70 a barrel, the highest close since April 24.

Sensex slips 56 points

A benchmark index of Indian equities markets on Wednesday closed in the negative territory — down 56 points or 0.24 per cent — after three consecutive sessions of record gains, as oil and gas and capital goods stocks came under heavy selling pressure.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) had on Tuesday crossed the 24,000-mark for the first time in its history.

The Sensex opened on Wednesday at 23,897.88 points and ended trade at 23,815.12 points (provisional), down 56.11 points or 0.24 per cent from the previous day's close at 23,871.23 points.

The Sensex touched a high of 23,964.67 points and a low of 23,753.36 points intra-day.

Healthy buying was observed in metal, consumer durables, realty, bank and fast moving consumer goods (FMCG) stocks.

The S&P BSE metal index gained 339.29 points, consumer durables index surged 165.92 points, realty index went up 63.44 points, bank index rose 49.94 points, and FMCG index moved up by 43.47 points.

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Source: Khaleej Times (United Arab Emirates)

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