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FE NEWS SERVICE
FM to take up depository hook-up issue: The finance minister, Yashwant Sinha, has decided to take up with the Department of Telecommunications (DoT) the matter relating to relaxation in DoT's inter-connectivity norms of networks for the depository. DoT has agreed to relax the norms under condition that a certain fee is paid to it which will be worked out according to the extent to which data is relayed between the two networks. The current DoT norms do not allow wide-area-networks to connect. This means that a branch office of a depository participant cannot connect with the depository directly leading to cumbersome procedures and delays in processing investor requests.
Sun F&C launches dual option income scheme: The Sun F&C Asset Management Company is launching its second domestic open-ended scheme - a dual option income fund. Christened Sun F&C Money Value Fund, it will have two options - a liquid option for short term investments and a bond option for longer investments. ``The scheme isideal for investors who are looking for fixed income returns and are also looking for both short-term and longer term investments,'' said the chief executive officer of Sun F&C, Nikhil Khattau.
J&K and City Union banks underperform: An impressive first-half performance was not enough to perk up the Jammu and Kashmir Bank scrip on the Bombay Stock Exchange (BSE). Those who had invested in Jammu and Kashmir Bank and City Union Bank, the two private sector banks who had recently tapped the market, may face yet another disappointment. As the general mood in the market is bearish and banking stocks have been receiving drubbing on the bourses for quite some time now, many investors badly needed an exit opportunity from these counters. A good first-half result could have given a fresh lease of life into these counters. However, while Jammu and Kashmir Bank stock fell despite good results, City Union Bank has come out with a poor performance for the first-half.
RBI rejects NBFC's registrationapplication: Reserve Bank of India has rejected the application for certificate of registration of a Delhi-based financial company for certificate of registration under Section 45 IA of the RBI Act. The application was rejected on October 17, the RBI said in a statement.
DSE up 20 points: Blue-chip shares spurted on the stock market today on hectic buying by local investors along with domestic Financial funds, mainly influenced by economic reforms announced by Prime minister and closed with notable gains spread over a wide Front. With the bullish trend, the DSE sensitive index shot up to 655.88 points before winding up at 651.28, revealing a gain of 20.84 points. Marketmen said buy-back of shares by companies and allowing inter-corporate investments with prior government approval were major points which boosted the trading sentiment. They said buyers regained confidence in the capital market and picked up select, fundamentaly-strong shares whereas foreign funds were supporting infotechshares.
Scrips stage smart rally on MSE: There was some enthusiasm in the Madras Stock Exchange (MSE) with measures like share buy-back and inter-corporate investment announced as part of an economic package to revive the sagging capital markets by the prime minister, providing some tonic to the otherwise flagging market on Monday. Scrips staged a smart rally and took the MSE index up 48.80 points to close at 3250.68 against the previous close of 3201.88 points. Market sources said most scrips looked upwards and there did exist `undercurrent'. While index had shown an upward swing, mid-way through it went down a bit, but ultimately ended on a positive note.
Bangkok shares slide 0.8 per cent: Thai shares eased 0.8 percent on Monday, led by a sell Off in bank stocks amid concern about the industry's health, analysts said. The Stock Exchange of Thailand (SET) broad-based index was down 2.55 points to 319.02 points, while the select SET 50 lost 0.27 points to close the day at 22.85points.
Malaysian share prices close slightly lower : Malaysian share prices closed barely lower Monday as the market reacted cautiously to the proposed 1999 budget and violent protests by supporters of ousted deputy premier Anwar Ibrahim. "The market is sort of settling down," an institutional dealer said, but added The fact that weekly demonstrations "seem to be crossing the line to become full-fledged riots is very unsettling." Opposition and human rights groups have urged Premier Mahathir Mohamad to step DOwn or hold early elections after more than 250 people were detained in fierce week end clashes between police and demonstrators here. The Kuala Lumpur Stock Exchange's 100-share composite index fell 0.61 points to end at 419.11 while the lesser second board slipped 1.69 points or 1.6 per cent to 1 01.49.
Singapore shares close barely lower : Singapore share prices closed barely lower Monday in the absence of fresh trading incentives. "There are no fresh leads in the market. There is alot of speculation on eithermerging companies or companies that are restructuring," a dealer with a local brok erage said. The Straits Times Index shed 0.09 points off to end at 1,113.50. The broader All-Singapore index ended unchanged at 326.80.
Hong Kong stocks close slightly lower in mixed trading : Hong Kong stocks closed slightly lower Monday in mixedtrading ahead of the expiry of the October futures contract. The key Hang Seng Index shed 38.84 points, or 0.4 per cent, to close at 9,778.91 on turnover of 5.24 billion Hong Kong dollars (671 million US).
Tokyo stocks close 2.1% lower: Japanese stocks closed 2.1 per cent lower on Monday, pressured by profit-taking and declines on Wall Street last week, brokers said. The 225-issue Nikkei average fell 301.24 points.
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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