Stock Markets

Singapore shares drop further

Singapore - Singapore shares came under another round of selling pressure Thursday, mostly in line with the downward trend among other Asian bourses.

The Straits Times Index (STI) fell by 75.46 points, or 4.14 per cent to close at 1745.67, with 341 counters reporting losses and 149 gains.

The STI was down by over 68 points at mid-day, with early morning trade nose-diving. However, trading was more somber from late morning through to the rest of the day.

Thursday's selling was in line with what has been happening at the regional bourses and the continuing reaction of the global financial and economic crisis, said Nancy Wei, head of research at brokerage UOB Kay Hian Pte Ltd.

Hang Seng down 3.5 per cent after late recovery

Hong Kong - The benchmark Hang Seng Index dropped below 14,000 to close 3.55 per cent down at 13,760.49 Thursday after a roller-coaster trading session which saw the index fall more than 6 per cent in morning trade.

The index recovered to punch above 14,000 in early afternoon trade before the gains were lost and the index ended the day 506 points down.

Turnover was 56.46 billion Hong Kong dollars (7.23 billion US dollars).

Analysts said Hong Kong stocks were adversely affected by weak corporate earnings, with Chinese companies especially affected.

Economic outlook, Wall Street drop send Asian stocks plunging

Tokyo - Asia-Pacific stocks took dives Thursday amid bearish sentiment triggered by Wall Street's sharp overnight losses as well as a dismal global and regional economic outlook.

The market in the region's largest economy, Japan, also dipped as a stronger yen dimmed sales prospects among the country's export-oriented manufacturers.

The Nikkei 225 Stock Average fell 2.46 per cent to close at 8,460.98. The benchmark index recovered significant ground after losing more than 7 per cent in morning trading and hitting a five-year low.

The broader Topix index of all first-section issues also fell 1.97 per cent to 871.7.

Shares hit new low for 2008, pare some losses

Shares hit new low for 2008, pare some lossesMumbai, Oct 23 : The Bombay Stock Exchange (BSE) fell to its lowest since June 2006 on Thursday as a global rout of equities raised worries of further foreign investor selling, before some bargain hunting helped the market regain some composure.

Leading private sector firm the Reliance Industries, which reports quarterly results after market hours, was down 3.9 percent at 1,264.70, having earlier fallen as much as 6.4 percent to its lowest since Dec. 2006.

The company is forecast to report a modest 2.2 percent rise in net profit on slimmer refining margins.

French shares mixed after Wall Street's plunge

Paris - French shares were mixed in early Thursday trading in the wake of overnight losses on Wall Street and Asian markets.

European shares struggle to retain gains

Frankfurt - European shares struggled to hold on to gains Thursday after a slump in Wall Street and a mixed performance of bourses across Asia.

Amid renewed concerns about the outlook for the global economy and corporate profits, Europe's blue-chip Stoxx 50 began the trading day edging up 0.7 per cent to 2,286 points.

Reflecting the nervous investment climate shares in London gained 0.90 per cent in early trading. Paris' CAC 40 index posted a 0.37-per-cent increase. However, Frankfurt lost 0.51 per cent in early trading.

The oil price managed to pull back from recent losses, rising by 0.2 per cent to 66.87 70 dollars a barrel. In July energy prices were heading towards 150 dollars a barrel.

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