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Corporate Economy Expressions Markets Leisure 20 January 1998   Rupee springs back to 39 on dear money package The recent tightening of the monetary policy by the RBI had its desired effect in the spot markets yesterday. The spot rupee came well under the dreaded Rs 40 mark to close at 38.95/39.02 against the dollar. The forward rupee, however, dropped further and January premia also rose to a record 50% mark.   Stronger rupee, rallying Asian markets prop Sensex by 99 points The announcement of a stringent money policy by the RBI helped the country's stock markets. The BSE sensex rose by 98.54 points to close at 3,480.86 points. The spurt in the Sensex was also helped by the rise in stock prices across Asia. FMC rejects renewal requests of exchanges; warns of a shakeout The Forward Market Commission (FMC), the commodity exchange regulator, seems to have dropped its lenient attitude towards the commodity exchanges. The FMC has now declined to renew the registration of two exchanges. The FMC also warned the other exchanges that harsher measures were in store unless they improved their administrative set-up. Asian markets light up as Tokyo stocks lead the regional surge Good news finally seems to be coming out of the Asian markets. On Monday, markets across Asia witnessed a rise with Japanese stocks rising by 2% and Jakarta claiming a 5.29% jump in share prices. Other Asian markets also recorded impressive rises. The news will boost investor morale across Asia and also raise hopes of an economic turnaround.   FIIs unmoved by revised ceiling in State Bank, HDFC shares The removal of the cap on secondary market purchases of the State Bank of India and HDFC does not seem to have had the desired effect on foreign institutional investors (FIIs). The move was expected to send the FIIs rushing in to purchase these scrips. However, on Monday, only two or three FII purchases were recorded at the SBI and HDFC counters at the BSE. Indonesia reform set on the roll, but rupiah stays unmoved The process of economic revival seems well underway in Indonesia. Indicative of this was the announced merger between Bank International Indonesia, Bank Dagang Nasional, Bank Tiara Asia and two unlisted banks -- a record-setting merger of private banks. The Indonesian currency, the rupiah, however, slumped yet again against the dollar, dropping to nearly 9,000.     To be or not to be given full term as SEBI chief....   Tight money policy a boon for PFs, pension funds   Pond's result matches market expectations   VLS Finance promoters to convert warrants despite low scrip price   RBI measures turn bank FDs attractive   Asian, European stocks rally on hopes of Japanese economic package   GE Shipping   LIC MF's Dhanvikas likely to go open-ended   Bullish sentiment set to strengthen; long-term indicators may give buy signal   Market Round-Up   Strong Tokyo performance sees Asian currencies go up a tad   Precious metals drift lower; milling wheat dips   Archies Greetings