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Saturday 22nd of November 2008
May 7, 2007

Hong Kong, South Korean equities markets set new records

by Elaine Frei
Hong Kong, South Korean equities markets set new records

Asian equities markets were mixed but mostly higher on Monday. In India, the Sensex dropped 55 points on the session, to 13,879. Elsewhere, the Hang Seng index reached a record 21,070.21 before closing at 20,896.64. In South Korea, the Kopsi index also set a record, closing 1.1 percent higher on the session after having seeing a record high of 1,585.7 during the day. After last week’s closures for the Golden Week holidays, the Tokyo markets saw significant gains as the Nikkei 225 added 1.6 percent to 17,669.83, while the Topix index was 1.7 percent higher to 1,733.03.

The European equities markets had a quiet session with London closed for a Bank Holiday. The Eurofirst 300 ended the session 0.02 percent higher to 1,594.3 after rising as high as 1,596.77 during the day. In midday trade, the Xetra Dax was up 0.8 percent to 7,523.48 but had dropped 0.12 percent by the close, while in Paris the CAC-40 was slightly lower at 6,067.91 at noon but had added 0.04 percent by the end of the session.

On Wall Street, midday saw the markets higher on bids news and ahead of a meeting of the Federal Reserve later in the week. The Dow Jones Industrial Average was 0.35 percent higher to 13,310.53 after hitting a new record high of 13,311.35 earlier in the session. The Nasdaq Composite was up 0.16 percent to 2,576.2, while the S&P 500 had gained 0.29 percent to 1,509.96. The Russell 2000 index of small and mid-caps had added 0.09 percent to 833.6.

The US dollar weakened ahead of interest rate decisions due from the US Federal Reserve on Wednesday and from the Bank of England and the European Central Bank on Thursday. The Fed and The ECB are expected to hold rates steady this month, while most analysts expect the Bank of England to issue a rate hike. Bond yields on US Treasury bonds were steady to slightly lower.

In the commodities markets, oil prices dropped during the day while precious metals saw gains.

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