Wednesday, May 28, 2008

Asian markets marginally down, Indian to witness a range bound to positive movement

Asian markets declined led by commodity companies after prices of oil, gold and copper witnessed a drop.

Japan`s top oil explorer Inpex Holdings declined after oil fell from a record. Crude for June delivery declined USD 3.34 to settle at USD 128.85 a barrel on the New York Mercantile Exchange (NYMEX).

Japan`s index Nikkei 225 fell 56.78 points, or 0.41%, to trade at 13,836.53.

Hong Kong`s index Hang Seng dipped 7.09 points, or 0.03%, to trade at 24,274.95.

China`s Shanghai Composite rose 0.63 points, or 0.02%, to trade at 3,376.04.

Taiwan`s Taiex index fell 24.96 points, or 0.28%, to trade at 8,753.43.

South Korea`s KOSPI declined 2.59 points, or 0.14%, to trade 1,822.64.

Singapore`s Straits Times added 18.01 points or 0.58%, to trade at 3,133.36. (8.20 a.m. IST)

According to IMF`s statistics, the annualized inflation is running at the rate of 3.4% which may help the banking and realty stocks in Indian Markets to recover, which is in the oversold region.

Nifty has support at 4807 and 4800, if breaks still a cause of concern. On the other hand resistance is at 4910 and 4920. Expect a range bound to positive movements tomorrow (May 28).

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