Market Updates
Philippine Index Gains 1%
Elena
21 Mar, 2006
New York City
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Asian-Pacific benchmarks closed largely down, following U.S. Fed Reserve Chairman speech yesterday. South Korean Kospi rebounded from recent gains to slip 0.8% on tech and brokerage stocks. Hong Kong finished slightly down at 0.05% on cautiousness ahead of FOMC meeting. Philippine stocks reached a seven-year high of 1% on earnings reports. India Sensitive Index hit an intra-day high, breaking the 11,000-point level, but closed down 0.1%. Tokyo Stock Exchange was closed for a national holiday.
8:00AM Asian markets closed broadly lower.
Asian-Pacific benchmarks closed broadly in the negative, following Ben Bernanke’s speech which was interpreted as one, giving signals that the Fed Reserve will soon raise interest rates. Tokyo Stock Exchange was closed for a holiday. South Korea’s Kospi ended a five-day winning streak to close down 0.8%, dragged by tech and brokerage shares. Taiwan Weighted index slipped 0.9% on weak electronics and steel shares, Hong Kong’s Hang Seng ended down 0.1% in a light trading day ahead of FOMC meeting, while Shanghai Composite advanced 0.2%, lifted by property stocks and currency gains. Philippine stocks hit a seven-year high, rising 1% on strong earnings reports.India Sensitive Index hit an intra-day high, breaking the 11,000-point level, but closed down 0.1%.
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