Asian markets opened buoyant backed by good opening in some stocks which rose to their highest levels in three weeks after the world`s largest bond insurers retained top credit ratings, easing concern that global economic growth will slow on new credit losses.
Mitsubishi Financial Group gained after Standard & Poor`s kept MBIA and Ambac Financial Group`s AAA debt ratings.
Japanese benchmark index Nikkei advanced 68.94 points, or 0.50%, to trade at 13,983.51.
Hong Kong`s index Hang Seng gained 361.60 points, or 1.55%, to trade at 23,630.74.
China`s Shanghai Composite was up 65.90 points, or 1.57%, at 4,258.43.
Taiwan`s index Taiex advanced 66.15 points, or 0.77%, to trade at 8,352.46.
South Korea`s KOSPI rose 2.68 points, or 0.16%, to trade at 1,711.90.
Singapore`s Straits Times was up 32.64 points, or 1.07%, to trade at 3,097.75 (8.00 a.m., IST).
Indian ADRs end higher
US stocks rose on Monday (February 25), after Standard & Poor`s affirmed its ratings for Ambac Financial Group Inc. and MBIA Inc., raising hopes that troubled bond insurers will emerge from the credit market crisis on solid footing. The Dow Jones industrial average rose 189.20 points, or 1.53%, to 12,570.22. The NASDAQ composite index rose 24.13 points, or 1.05%, to 2,327.48. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.90% from 3.80% late Friday. Indian ADRs ended on a positive note on Monday, following their US counterparts.
Gainers:
Company USD % Gain Sterlite 20.35 3.30 ICICI Bank 55.60 3.21 Wipro 12.07 2.72 Infosys 42.13 1.52 HDFC Bank 114.13 2.39 Satyam 26.61 3.02 Tata Motors 18.12 2.32 MTNL 6.21 2.31 Tata Communications 24.36 2.01 Dr Reddy`s 14.24 3.71 Patni Computers 13.13 2.34
Oil settles at USD 99.23
Crude oil prices rose on Monday (February 25), on supply concerns heightened by a Turkish military incursion into northern Iraq and warnings by Iran against further international sanctions.
Light sweet crude for April delivery gained 42 cents to settle at USD 99.23 a barrel on the New York Mercantile Exchange (NYMEX).
Gasoline futures also rose less than a penny to settle at USD 2.5419 a gallon. The retail gas prices rose 2.2 cents overnight, to a national average of USD 3.137 a gallon from USD 3.115 Friday.
Heating oil futures rose 2.23 cents to settle at USD 2.7853 a gallon on the NYMEX.
In London, April Brent crude futures rose 68 cents to finish at USD 97.69 a barrel on the ICE Futures exchange.
Natural gas futures rose 4 cents to $9.186 per 1,000 cubic feet.
Rail budget to be unveiled todayThe railway budget will be presented in the Parliament today (February 26) by railway minister Lalu Prasad Yadav.
The general budget will be tabled on Friday while the Economic Survey which gives an indication on the health of the economy will be tabled on Thursday.
Briefing reporters on the eve of the session, the parliamentary affairs minister, Priyaranjan Das Munsi said 55 bills will come up for consideration during the session.
As this budget would be the last before series of assembly elections this year and the general elections next year, expectations of the common man from the government is quiet high.
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