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Monday 01st of December 2008
October 15, 2007

Most Asian markets higher; US, Europe decline


by Elaine Frei
Most Asian equities higher; US, Europe decline

Most equities markets in the Asia-Pacific region were higher on Monday. The Australian markets were an exception, with the Sydney Ordinaries down 13 percent to 6,751.6 and the S&P/ASX200 falling 0.15 percent to 6,739. In contrast, in India the Sensex added 3.47 percent to 19,058.67, a new closing high and the first time the index has risen above the 19,000 level.

Elsewhere, the Straits Times index was 0.12 percent higher to 3,862.02 in Singapore, while Taiwan’s Taiex index was up 0.23 percent to 9,518.45. The Kospi index added 0.44 percent to 2,035.39 in South Korea. In China, the Shanghai Composite gained 2.15 percent to 6,030.09 while the Hang Seng index jumped 2.44 percent to 29,540.78 in Hong Kong for yet another record closing high.

Tokyo’s markets were mixed on the session. The Nikkei 225 added 0.16 percent to 17,358.15, but the Topix index dropped 0.12 percent to 1,657.44 and the Mothers market was down 1.57 percent to 867.62.

European markets declined on the day. The FTSE Eurofirst 300 dropped 0.91 percent to 1,586.36. Madrid’s IBEX fell 0.48 percent to 15,187.5, while the CAC-40 was down 0.62 percent to 5,807.44 in Paris and Frankfurt’s Dax was 0.89 percent lower to 7,969.47. Luxury goods makers, utilities, and the oil sector saw gains. Meanwhile carmakers, tire manufacturers and airlines saw declines.

In London, the FTSE 100 was down 1.28 percent to 6,644.5 while the FTSE 250 fell 1.18 percent to 11,439.9. As on the continent, the oil sector saw gains on higher prices. Chemicals groups and online auctioneers were also higher. Banks, brewers and holding companies were lower.

The New York markets were lower in midday trade. The Dow Jones Industrial Average was 0.8 percent lower to 13,980.57, while the Nasdaq Composite had fallen 0.62 percent to 2,788.15 and the S&P 500 had dropped 0.69 percent to 1,551. The biotechnology sector saw gains. Banks, medical devices manufacturers, the aerospace sector and home builders all declined.

Crude oil closed at a record high in New York, breaching the $86 per barrel level for the first time. Meanwhile, prices for metals and agricultural commodities were mixed.

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