Word: sensex
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...Hong Kong's battered Hang Seng index bounced particularly strongly in afternoon trading, ending the day with a 10.2% gain. Stocks in Korea and Singapore also ended sharply higher, gaining 3.8% and 6.6% respectively. India's Sensex added 7.7%, while China's CSI 300 index, which measures both the Shanghai and Shenzhen exchanges, was up 4.12%. Japan's stock market, which last week suffered the worst rout in its history, was closed Monday for a holiday. "I think markets took a breath and will rebound in the next few days," says Sean Tsang, senior vice president of Polaris Securities...
...Hong Kong's Hang Seng index continued its weeklong swoon, falling 7.19% after recovering slightly on Thursday. Korea's Kospi index fell 4.13%, while India's Sensex lost 7% of its value after plummeting in morning trading. China was not spared. The CSI 300 index, which tracks both the Shanghai and Shenzhen exchanges, was down 4.43%. Singapore's main index fell 7.72% amid economic news that the island state has slipped into recession for the first time since 2002. In a speech Friday, Singaporean Prime Minister Lee Hsien Loong predicted a continued "rough ride" for Asia. "The world is caught...
Timing made a difference between market reactions in Asia and Europe on Tuesday. While the Nikkei and Hang Seng rallied to limit losses to 4.1% and .8% respectively by the closing bell, they combined with an early 3.5% drop on Mumbai's Sensex and declines in Australia, South Korea, Singapore and the Philippines to darkened moods in Asia. By contrast, London's FTSE 100 reversed its initial dip to post a 1.7% gain for the day, while Frankfurt's DAX surged to end 0.4% up and Paris' CAC 40 finished the session a full 2% higher. Compare those with Monday...
...Mumbai is India's financial capital, but it's also the center of the country's booming fashion industry and contemporary-arts community. Those three worlds feed each other here, just as they do in London, Tokyo and New York. As the markets plunge - the main Mumbai index, the Sensex, is down 36% since January - many of Mumbai's wealthy financiers are beginning to spend less in the city's galleries and luxury boutiques. "I'm extremely worried," says Jai Bhandarkar, owner of an art gallery in Colaba, one of Mumbai's toniest neighborhoods. "The spending power of the people...
...venture with troubled U.S. insurer AIG, has been asked by Indian insurance regulators to show proof of its solvency. The market turbulence is especially worrying for India's middle classes, who have just begun investing on their own in a big way. (A new Bollywood movie, Saas, Bahu aur Sensex - Mother-in-Law, Daughter-in-Law and the Sensex - captures the craze.) Bhandarkar, an avid investor himself, is worried: "How can a $60 billion loss not have an impact?" When it does, the party may finally have to end. - by Jyoti Thottam...