Market Briefing
FE NEWS SERVICE
ICICI preference shares: The new securities of ICICI's 9.3 per cent redeemable cumulative non-convertible preference shares - series I of Rs 10 each, which were allotted to financial institutions and banks on a private placement basis, will be available for trading on the Bombay Stock Exchange from January 23.ISE incorporated: The Inter-Connected Stock Exchange of India (ISE), which is being promoted by 14 regional stock exchanges in the country, has been incorporated under section 25 of the Companies Act, 1956, on January 22. The chairman of the steering committee, PC Shrimal, indicated this as an important milestone in the implementation of the project. AMBI hosts session for college students: AMBI hosted an industry-academia interface with the final year students of RA Poddar College of Commerce and Economics in Mumbai on Thursday. Students of the college put forth questions on the merchant banking industry and the financial sector. The association is planning to hold such
interactions more often. The association is also planning to launch a training programme for persons working with merchant bankers. Nifty sheds 20 points: Share prices turned weak on the NSE on Thursday due to fresh profit-taking coupled with absence of buying support from foreign funds. The NSE-50 index settled at 992.35, shedding 20.05 points over the previous close. The mid-cap index ended at 1,127.60, falling by 18.25 points. The exchange reported a turnover of Rs 1,008.97 crore from 405.08 lakh shares. Equities lose value on MSE: Equities continued to decline on the Madras Stock Exchange on Thursday. The MSE share price index dropped to 3,649.69 from the previous close of 3,671.72 points. ACC declined to Rs 1,283.30 from Rs 1,301.25, Raasi Cement to Rs 125.50 from Rs 138.50, Rajapalayam to Rs 2,500 from Rs 2,550 and ITC to Rs 583.40 from Rs 584.90. Shares finish lower on CSE: Share prices eased further on the Calcutta Stock Exchange on Thursday on fresh selling by operators whowere busy squaring up their positions on the last day of the current settlement. Brokers said most institutional buyers preferred to stay away. The 50-share CSE index settled at 96.95 points. DSE index slips on plunge in Asian currencies: Share prices drifted lower on the Delhi Stock Exchange on Thursday on increased profit-selling. Foreign institutional investors refrained from buying in the wake of a regional currency crisis in the Asian forex markets. Domestic funds were reported to have bought selectively. The DSE index lost another 8.67 points or 1.19 per cent to close at 716.40 points. OTCEI index loses 1.06 points: Share prices turned weak on the OTCEI on Thursday on fresh selling pressure. The OTCEI composite index opened at 113.44 and closed at 112.38, down 1.06 points from the previous close. The total turnover reported during the day was Rs.34.16 lakh in 21,830 shares and debentures. Debt market turnover at Rs 469 cr: Trades worth Rs 468.53 crore were recorded at the
wholesale debt market of the NSE on Thursday. The 13.50 per cent government loan maturing in 1998 was traded for Rs 39 crore at a weighted yield of 18.97 per cent. The 13.70 per cent government loan maturing in 1999 was traded for Rs 72 crore at a weighted yield of 14.98 per cent. The 364 days treasury bill maturing on October 9, 1998, was traded for Rs 35 crore at a weighted yield of 17.06 per cent. Skindia index drops 2.53%: The Skindia GDR index dropped by 2.53 per cent to 807.02 points from 827.96 points on January 21. The Skindia GDR index p/e also dipped by 3.35 per cent to end at 16.71 points. The top losers were EI Hotels, BSES and State Bank of India which slipped by 6.12, 5.80 and 4.48 per cent, respectively. Rupiah slump knocks Jakarta stocks down: The Indonesian rupiah slumped to a record low of 17,000 against the dollar on Thursday before central bank intervention helped save the battered currency from a total meltdown. The stock market spinned down as the rupiah staged a
free-fall. The stock market's composite index shed six per cent in morning trade before ending down 4.82 per cent at 443.53. KL stocks end lower on currency: The market finished lower on concerns over the falling rupiah which dragged down regional currencies and share markets, analysts said. Profit taking ahead of the double festival holidays next week also weakened prices. The KL Composite Index ended 2.60 per cent or 15.34 points down at 575.21. HK stocks end sharply lower: Hong Kong stocks sank to a sharply lower close on Thursday, pulled down by a crumbling Indonesian rupiah and shaken confidence in the local economy, brokers said. The Hang Seng Index slumped 363.07 points, or 3.93 per cent, to end at 8,883.73. Call rate ends at 60%: The overnight interest rates in the call money market witnessed tight conditions on Thursday and ended on a firm note on heavy demand. The rates opened at 40-45 per cent, eased to 35 per cent before closing higher at 50-60 per cent. Silver
firms up, gold unchanged: Silver prices firmed up while gold prices remained steady on the bullion market on Thursday. Silver .999 and raw shot up by Rs 95 each to Rs 8,300 and Rs 8,200 per kg. Gold standard mint and 22-carat ruled steady at Rs 3,975 and Rs 3,675 per 10 gm respectively on lack of fresh demand from local operators.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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