Friday, April 4, 2008

Asian markets decline in early session, Indian ADRs end higher as US markets rebound

Asian markets declined in the initial session of trade on Friday (Apr. 04, 2008) first time in three days. The fall was led by technology companies and automakers, after a US jobs report showed that the growth is slowing down.

The world`s second-largest maker of liquid-crystal displays LG Display, Matsushita Electric Industrial, the No. 1 maker of consumer electronics, declined after brokerage firms downgraded the stock.

Japanese benchmark index Nikkei lost 90.92 points, or 0.68%, to trade at 13,298.98.

South Korea`s KOSPI lost 0.98 points, or 0.06%, to trade at 1,762.65.

Singapore`s Straits Times lost 8.16 points, or 0.26%, to trade at 3,163.39. (8.20 a.m., IST)

Hong Kong, China and Taiwan markets are closed today.

US stocks climbed on Thursday (April 3) after Federal Reserve chairman Bernanke said that the Fed expects to recover most, if not all, of the USD 29 billion worth of loans it made to keep struggling Bear Stearns Cos. from collapse.

The Dow Jones industrial average rose 20.20 points, or 0.16%, to 12,626.03. The NASDAQ composite index rose 1.90 points, or 0.08%, to 2,363.30.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.58% from 3.60% late Wednesday.

Majority of Indian ADRs ended on positive note barring Wipro, HDFC Bank and Tata Motors that ended lower 2.02% at USD 12.10, 1.75% at USD 98.68 and 0.62% at USD 16.14.


Company USD % Gain
Sterlite 18.43 1.71
Infosys 37.41


Satyam 24.26 4.21
Tata Communications 27.29 4.00
MTNL 5.20 1.96
Dr Reddy`s 15.31 1.80
Patni Computers 12.29 1.07

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