Friday, May 16, 2008

Market braced for higher opening taking cue from Asian and US markets

Asian markets open higher

Asian markets opened higher on Friday (May 16, 2008), led by commodity producers and shipping companies, on speculation that China is looking for acquiring stake in BHP Billiton and after the price of transporting freight touched record high.

Japan`s largest shipping company, Mitsui O.S.K. Lines, advanced to touch six-month high. Mizuho Financial Group rose after it forecasts that profit will get double this year.

Japan`s index Nikkei 225 rose 21.97 points, or 0.15%, to trade at 14,273.71.

Hong Kong`s index Hang Seng rose 63.4 points, or 0.25%, to trade at 25,577.12.

China`s Shanghai Composite lost 11.55 points, or 0.32%, to trade at 3,625.77.

Taiwan`s Taiex index rose 45.30 points, or 0.49%, to trade at 9,202.48.

South Korea`s KOSPI rose 9.86 points, or 0.52%, to trade at 1,895.57.

Singapore`s Straits Times rose 24.25 points, or 0.76%, to trade at 3,231.68. (8.08 a.m., IST)

Indian ADRs advance as US markets rally

US stocks surged on Thursday (May 15) after a better-than-expected economic data and pullback in oil prices eased some of the market`s concerns about inflation.

The Dow Jones rose 94.28 points, or 0.73%, to 12,992.66. The NASDAQ composite index rose 37.03 points, or 1.48%, to 2,533.73.

The yield on the benchmark 10-year Treasury note, which moves opposite to its price, fell to 3.82% from 3.92% late Wednesday.

Majority of the Indian ADRs ended on a positive note barring Tata Motors and Dr Reddy`s that ended marginally lower 0.25% at USD 16 and 1.42% at USD 15.23, respectively.


Company USD % Gain
Sterlite 20.92 2.15
ICICI Bank 44.72 3.33
Wipro 13.60 1.64
Infosys 46.58 5.08
HDFC Bank 109.82 3.54
Satyam 26.36 1.58
MTNL 5.04 1.33
Tata Communications 24.05 1.09
Patni Computers 13.77 2.61

Oil drops to USD 124.12 a barrel

Oil prices fell on Thursday (May 15) in a day marked by the expiration of June crude options and the passage of a bill by the U.S. Senate paving the way for greater regulation of energy markets.

Light sweet crude for June delivery fell 10 cents to settle at USD 124.12 a barrel on the New York Mercantile Exchange (NYMEX).

June gasoline futures fell 1.46 cents to settle at USD 3.1658 a gallon. The retail gas prices rose 1.8 cents overnight to USD 3.776 a gallon.

June heating oil futures rose 0.46 cent to settle at USD 3.6224 a gallon at the NYMEX.

In London, June Brent crude fell 61 cents to settle at USD 121.25 a barrel on the ICE Futures exchange.

June natural gas futures fell 19.9 cents to settle at USD 11.399 per 1,000 cubic feet.

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