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Tuesday 07th of October 2008
October 31, 2007

Hang Seng drops but reamins above 31,000 level


by Elaine Frei
Hang Seng drops but reamins above 31,000 level

Results were mixed in Asia-Pacific region equities markets on Wednesday, with most higher on the session. Exceptions included Taiwan’s Taiex index, which fell 0.48 percent to 9,711.37. In addition, the Hang Seng index dropped 0.9 percent in Hong Kong to 31,352.58.

Among gainers, Australia’s S&P/ASX200 was 0.06 percent higher to 6,754.1 while the Sydney Ordinaries added 0.1 percent to 6,779.1. In Singapore the Straits Times index gained 0.19 percent to 3,805.7, while India’s Sensex was up 0.28 percent to 19,837.99. The Kospi index was 0.61 percent higher to 2,064.85 in South Korea, while the Shanghai Composite gained 0.98 percent to 5,954.76.

In Tokyo, the Nikkei 225 was up 0.52 percent to 16,737.63 and the Topix index added 0.8 percent to 1,620.07, but the Mothers market of small and mid-caps dropped 1.36 percent to 944.06.

Europe’s markets saw gains. The pan-European FTSE Eurofirst 300 added 0.75 percent to 1,593.58. The Dax was 0.52 percent higher to 8,019.22, while the IBEX gained 0.68 percent to 15,890.5 and the CAC-40 was up 0.76 percent to 5,847.95. The FTSE 100 added 0.94 percent to 6,721.6 in London, while the FTSE 250 jumped 1.63 percent to 11,666.

After the Federal Reserve announced that it has cut interest rates by another quarter point to 4.5 percent, New York equities markets were higher after some unsteadiness. The Dow Jones Industrial Average was up 1.01 percent just after 3 p.m. to 13,931.39 after going negative briefly right after the announcement. The Nasdaq Composite added 1.45 percent to 2,857.56, while the S&P 500 was 1.2 percent higher to 1,549.35.

Crude oil prices rose again to another record in New York, while precious metals prices were also higher. Grain prices were mixed.

Both the yen and the US dollar weakened.

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Story link: Hang Seng drops but reamins above 31,000 level


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