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FE NEWS SERVICE
HSE places 100 firms in missing list: At least 100 companies out of the 842 listed companies on Hyderabad Stock Exchange (HSE) are found missing, according to a study conducted by the exchange on `express' orders of the SEBI. According to a senior HSE official, the bourse has initiated detailed investigations to trace these companies and the reasons for their disappearance all these years.
November draws blank in public and rights issues: November marked the nadir of the primary capital market with not a single public or rights issue being launched during the month, says Prime Database. This is for the first time in the last decade that a month has passed without even a single issue hitting the market.
UGS 10000 opens for repurchase: The Unit Growth Scheme 10000 (UGS 10000) is open for repurchase from December 7, 1998 for a week. The repurchase price valid for the period December 7-13, 1998 is Rs 10.97.
Sharp rise in stock prices on NSE: Share prices rose sharply on theNational Stock Exchange (NSE) here today when the nifty rallied by 16.80 points due to good buying by domestic funds and operators. The S&P Cnx Nifty shot up by 16.80 to close at 845.15 as against the previous close of 828.35. Cnx Nifty Junior rose by 30.60 to 1425.90 from 1395.30. S&P Cnx Defty hardened by 13.25 to end at 687.80 from the last close of 674.55. S&P Cnx 500 strengthened by 10.71 to 578.44 from 567.73 and Cnx Midcap 200 firmed up by 8.13 to 517.86 from the last close of 509.73.
Pharma and software stocks lead DSE rally: A strong rally in pharmaceutical and infotech stocks, lifted the Delhi sensitive index nearly 2 per cent higher on the stock market on Monday. Elsewhere, shares made noteworthy gains following reports that the state-run Life Insurance Corporation of India (LIC) had been a net buyer on the bourses for the past couple of months. Stock brokers said reports that LIC was planning to pump in Rs 2000 crore into equities in fiscal 1998-99 further fuelled the buying spree.Mirroring the trends, the Delhi stock exchange sensitive index ended 12.09 points higher at 641.83 points.
MSE stocks regain to close with modest gains: In a thin trading equities regained to close with modest gains on the Madras Stock Exchange on Monday due to fresh buying support. The MSE index recovered by 23.84 points to close at3254.06, against previous level of 3230.22 points.
Shares surge on CSE: Share prices on the Calcutta Stock Exchange bounced back in the wake of bull support and bear covering, which was somewhat pronounced in select counters. The turnover was fair and undertone steady. Interest was fairly active in some shares which posted perceptible gains over their Friday's close as the session wound up with improvement in prices. The CSE 40-share index moved between 1629.98 points and 1606.48 points before settling at 1621.65 points.
HK closes 4.7% higher on interest rate cuts: Hong Kong stocks surged 4.7 per cent on Monday following a surprise cut in local andChinese interest rates. The blue-chip Hang Seng Index ended up 465.68 points at 10,428.82 on total turnover of 6.3 billion Hong Kong dollars (813 million US dollars). Hong Kong's leading banks announced a 0.25 percentage point cut in local interest rates after the market closed on Friday, while the Peoples' Bank of China said it would reduce rates by an average of 0.5 per cent from Monday. Analysts said the interest-rate fuelled rally was likely to continue, at least in the short term.
Chinese stocks not to be favoured by foreign investors: Analyst: China has approved eight companies involved in infrastructure development, agriculture and tourism for overseas listings, the official media said on Monday in an announcement greeted warily by analysts. "In the short term, foreign investors will not favour the stocks of these eight companies," Liu Wei, an analyst with the Beijing Real Estate Trust and Investment Corp in Shanghai, told AFP. "Stock and investment rating agencies still fear that the yuanwill be devalued. But over a longer period of time, when their business prospects become apparent, these stocks will become more attractive," Liu added.
Tokyo stocks close 0.6% higher: Japanese stocks closed 0.6 per cent higher on Monday on bargain-hunting in sluggish trade, brokers said. "Activity was very slow today due to a lack of fresh trading leads," a Universal Securities dealer said. "With trading remaining so thin, even small-lot buying pushed up share prices easily." The 225-issue Nikkei average of the Tokyo Stock Exchange went up 83.52 points to finish at 14,723.49. The index also closed the morning session up 83.52 points. The broader Topix index of all first-section issues ended up 4.28 points at 1,125.00. Turnover was light with an estimated 234 million shares changing hands.
Australian shares close up 0.9%: Australian shares closed up 0.9 per cent on Monday on continuing strength in the telecommunications sector and week-end gains on Wall Street, brokers said. The AustralianStock Exchange's benchmark All Ordinaries index ended trade up 25.4 points at 2,756.1.
Philippine shares close 0.6% higher: Philippine share prices closed 0.6 per cent higher on Monday due to window-dressing as the end of the year approaches, analysts said. "We're nearing the end of the year and some fund managers might have started window-dressing," said Norman Velasco of HDI Securities Inc, referring to the practice of acquiring shares to boost the value of a portfolio by year-end. The Philippine Stock Exchange composite index rose 11.72 points to close at 1,834.36 points.
New Zealand stocks down on dividend adjustments: New Zealand shares ended 0.4 per cent lower on Monday as adjustments for dividends hid underlying firmness. The NZSE-40 index lost 8.47 to 1905.09 with Telecom Corp down seven cents to 7.80 dollars on turnover of 65 million NZ dollars (34.2 million US dollars)
Shanghai B shares dive 3.6%: Shanghai's B shares, nominally reserved for foreign investors, slumped 3.6per cent on Monday on selling by overseas institutions that ignored an interest-rate cut, analysts said. The Shanghai Stock Exchange's B-share index lost 1.09 points to close at 28.78 points, while the A-share index of locally traded stocks ended down 9.92 points, or 0.8 per cent, at 1,287.08 points.
SK shares close 4.9% up: South Korean share prices surged 4.9 per cent on Monday to breach the 500-point resistance level as conglomerates agreed to spin off nearly half of their subsidiaries in an industrial shake-up. The Korea Stock Exchange main index closed the day 23.81 points higher at 514.52.
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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