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FE NEWS SERVICE
Sensex gains 7 points in lacklustre trade: In a lacklustre trading, equities moved in a narrow range and closed with minor gains on scattered support at the Mumbai Stock Exchange on Tuesday. Activity was low both from Foreign Institutional Investors (FIIs) and local investors due to end account considerations at the National Stock Exchange (NSE) and a few deals were struck to square up positions. Brokers said bulls and bears were not willing to take either long or short positions owing to indecision on buy-back of shares, reports of Pakistan firing on the border and sluggish conditions in the Asian stock markets. The BSE-100 closed at 1379.05, showing a minor gain of 0.86 over the previous close of 1378.19. The BSE-200 ended marginally higher at 317.26 and the dollex at 124.14 as compared to 316.93 and 124.01 previously.
CSE remains sluggish: The sluggishness discernible yesterday persisted today on Calcutta stock exchange with prices ruling mostly at lower levels reflecting lack of support. Sensex gains 7 points in lacklustre trade: In a lacklustre trading, equities moved in a narrow range and closed with minor gains on scattered support at the Mumbai Stock Exchange on Tuesday. Activity was low both from Foreign Institutional Investors (FIIs) and local investors due to end account considerations at the National Stock Exchange (NSE) and a few deals were struck to square up positions. Brokers said bulls and bears were not willing to take either long or short positions owing to indecision on buy-back of shares, reports of Pakistan firing on the border and sluggish conditions in the Asian stock markets. The BSE-100 closed at 1379.05, showing a minor gain of 0.86 over the previous close of 1378.19. The BSE-200 ended marginally higher at 317.26 and the dollex at 124.14 as compared to 316.93 and 124.01 previously.
CSE remains sluggish: The sluggishness discernible yesterday persisted today on Calcutta stock exchange with prices ruling mostly at lower levels reflecting lack of support.Select issues, however, retrieved minor part of recent losses on scattered shortcovering. The turnover was again at low level and the undertone remained markedly quiet. With most of the major shares closing lower, the 40-share index of CSE also dipped to finish at 1761.75 points, which was the lowest for the day. The highest was 1791.60 points. Operators said that the predominant mood of marketmen was again one of extreme caution as there had been no helpful developments to stimulate interest. While Tata Tea recovered to Rs 298.30, TELCO hardened to Rs 130.40, State Bank to Rs 203.60, Castrol to Rs 530.10, Reliance to Rs 132.90 and MTNL to Rs 214.
Divergent trend at BgSE: Equities remained divergent on Tuesday at the Bangalore Stock Exchange (BgSE). According to marketmen the overall trend still remained weak. The turnover on the bourse stood at Rs 12.80 crore. BFL Software after opening at Rs 482.60 fell to Rs 464 towards close while SBI saw marginal gains at Rs 203.85 (Rs 203.45). Satyam Computersand Tisco were lower at Rs 484.55 (Rs 486.40) and Rs 98.70 (Rs 100.15) while Reliance and ITC were better at Rs 133.25 (Rs 132.50) and Rs 601.85 (Rs 601.50). Among others Karnataka Bank was unchanged at Rs 69 and Mysore Breweries at Rs 80.
Partial recovery at DSE: Share prices today staged a partial recovery after the overnight fall to close moderately higher at the Delhi stock exchange (DSE) due to buying bouts by domestic financial institutions amidst short-covering over reports of the imminent clearance of share buy-back. Stock brokers said a slow down in selling by foreign investors who remained major sellers yesterday also aided the recovery in stock prices to some extent. They said rumours that the Unit Trust of india (UTI), the country's domestic financial institution, was likely to make fresh investments also had some positive impact on the market sentiment. The DSE sensitive index recovered marginally by 2.15 points to close at 702.34 points after crossing 707 points in earlytrading.
No end to Chinese share slump: Shanghai shares nominally reserved for foreigners are slumping with no bottom in sight as shaken investors flee the market plagued by worries over a yuan devaluation and poor corporate results. As the index of so-called B shares plumbs a succession of historic lows, calls are rising for measures to boost the fledgling market. The Shanghai Stock Exchange index charted a new record low of 28.59 points on Tuesday. The index has fallen 47.7 per cent since the beginning of the year.
Singapore asked to stop trading Malaysian stocks: Malaysia's powerful government economic panel has called for a halt to over-the-counter trading of Malaysian stocks in Singapore, charging it posed a threat to its own market. The call came amid souring ties between the neighbours. The National Economic Action Council of Malaysia (NEAC) said in a letter published on Tuesday in Singapore's Business Times that the time was now ripe for Singapore to close down the CentralLimit Order Book (CLOB) International, the island state's over-the-counter share market for foreign issues. Clob is dominated almost entirely by Malaysian shares.
Tokyo suspends trading in Okura: Shares in Japanese medium-sized steel trader Okura and Co Ltd were suspended from trading on Tuesday after plunging 37.3 per cent on rumours of financial difficulties. Okura stocks dropped 50 yen to 84 yen (35 US cents to 58 US cents), the maximum price movement allowed in a single day.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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