Asian markets declined in the early session of trade on Friday (Mar. 28, 2008) on concern that profit growth will weaken at banks, countering an advance by energy producers.
Westpac Banking Corp. declined in Sydney by the most in three weeks. Shinhan Financial Group lost the most in South Korea after a brokerage announced that the Shinhan will report profits less than the estimates. Cnooc, China`s largest offshore oil producer, climbed after crude-oil prices gained and the company reported higher earnings.
Japanese benchmark index Nikkei declined 7.08 points, or 0.06%, to trade at 12,597.50.
Hong Kong`s index Hang Seng lost 98.61 points, or 0.44%, to trade at 22,762.83.
China`s Shanghai Composite lost 18.34 points, or 0.54%, to trade at 3,393.15.
Taiwan`s Taiex index declined 11.08 points, or 0.13%, to trade at 8,617.03.
South Korea`s KOSPI declined 10.90 points, or 0.65%, to trade at 1,687.14.
Singapore`s Straits Times lost 5.79 points, or 0.19%, to trade at 3,030.99. (8.20 a.m., IST)
Foreign institutional investors (FIIs) remained net buyers in equities worth Rs 5,576 million (USD 138.20 million) on March 26. They bought equities worth Rs 31,666 million and sold equities worth Rs 26,090 million.
According to the provisional figures available at the NSE, FIIs remained net buyers in the equity segment worth Rs 2,479.8 million on both, the BSE and NSE on March 27. They bought equities worth Rs 48,065.6 million and sold equities worth Rs 45,585.8 million. Total turnover in the cash segment of NSE stood at Rs 154,555.4 million on March 27.
FIIs were net sellers in debts segment worth Rs 1,386 million (USD 34.40 million) on March 26. Till March 26, they have been net sellers in debts worth Rs 7,729 million.
FIIs remained net buyers in derivatives worth Rs 3,022.5 million on March 26. They bought derivatives worth Rs 106,508.5 million and sold derivatives worth Rs 103,486 million.
US shares fall on weak GDP numbers
US shares declined in the early sessions of trade on Thursday after the US department of commerce said that the economy grew at an annual rate of 0.6% in the fourth quarter of 2007, reflecting signs the economy is close to recession. However, weak quarterly performance by Oracle pushed technology shares lower. Oil prices rose on Thursday (March 27) after the bombing of an Iraqi oil pipeline diverted investors' attention away from a stabilizing USD. Indian Market are likely to slow moderate declines, but continuing FII inflows are expected to stabilize the market and prevent any major downturn.
The deceleration in real GDP growth in the fourth quarter primarily reflected a downturn in the inventory investment and decelerations in exports, in federal government spending, and in PCE that were partly offset by a downturn in imports, US department of commerce said.
Dow Jones industrial average fell 41.60 points, or 0.33%, to trade at 12,381.26, while NASDAQ composite index dropped 26.94 points, or 1.16%, to trade at 2,297.42.
S&P 500 index went down 24.68 points, or 0.36%, to trade at 1,336.31.
Supporting this, a report showed that exports from southern Iraqi terminals declined about 1.2 million barrels a day from a normal rate of 1.56 million barrels a day.
Light sweet crude for May delivery rose USD 1.68 to settle at USD 107.58 a barrel on the New York Mercantile Exchange (NYMEX), after touching the day high of USD 108.22.
April gasoline futures declined 2.66 cents to settle at USD 2.7163 a gallon. The retail gas prices rose 0.6 cent overnight, to USD 3.267 a gallon.
April heating oil futures rose by 10.45 cents to settle at USD 3.1483 a gallon at the NYMEX.
In London, May Brent crude rose USD 1.01 to settle at USD 105 a barrel on the ICE Futures exchange.
April natural gas futures rose 0.6 cents to settle at USD 9.578 per 1,000 cubic feet.
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