《【妖舞魔亂】A look at financial developments around the world》

 

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By The Associated Press 10.21.08, 1:59 PM ET
http://www.forbes.com/feeds/ap/2008/10/21/ap5585418.html

A look at what happened in some stock markets around the world Tuesday:

MANILA, Philippines - Philippine shares advanced as investors lauded the U.S. Federal Reserve chairman's support for a second stimulus package to aid the U.S. economy. The Philippine Stock Exchange index rose 53.86 points, or 2.61 percent, at 2,116.74, after falling 1.7 percent Monday. Gainers outnumbered decliners 63 to 28, with 38 stocks unchanged. Top-traded Philippine Long Distance Telephone Co. surged 3.8 percent, while rival Globe Telecom Inc. was up 2.3 percent.

SYDNEY, Australia - Australia's share market closed 3.87 percent higher, rebounding with other world markets and partially buoyed by the central bank chief's reassurance that an international financial catastrophe had been avoided. The benchmark S&P/ASX200 index gained 160.2 points to 4,302.5, the second consecutive increase at closing. Local mining stocks led the rise, with global miner BHP Billiton jumping 10.65 percent and rival Rio Tinto soaring 12.17 percent.

SHANGHAI, China - Chinese shares dropped modestly as cautious investors awaited details of new policies promised by the government to help counter the economic slowdown. The benchmark Shanghai Composite Index opened higher, tracking overnight gains in New York and Europe. It fell back in afternoon trading, losing 0.8 percent, or 15.48 points, to 1,958.53. The smaller Shenzhen Composite Index faded 0.25 percent to 519.13.

HONG KONG - Hong Kong stocks dropped almost 2 percent, dragged down by furious selling in Citic Pacific Ltd. after the conglomerate warned of nearly $2 billion in losses from bad currency bets. The blue-chip Hang Seng Index pared its early gains to close down 281.84 points, or 1.84 percent, at 15,041.17. Shares in Citic Pacific, the Hong Kong arm of the Chinese government's main investment company, fell more than 55 percent. The company, which holds property, steel and infrastructure assets, had said that it stood to lose nearly $2 billion after a top executive made unauthorized bets against the U.S. dollar through leveraged foreign currency contracts.

TOKYO - Japanese shares closed higher, marking the third consecutive day of gains. The benchmark Nikkei 225 stock average rose 300.66 points, or 3.34 percent, to close at 9,306.25. It was a strong rebound from last Thursday when the key stock index plummeted more than 11 percent - the biggest one-day loss since 1987 - as jittery investors fretted over growing recession fears.

MOSCOW - Russian stocks rose on the back of rising oil prices, as OPEC said it is poised to cut output to counter flagging demand. The RTS index rose 2.4 percent to 717.18 points, while the MICEX advanced 4.2 percent to 652.51 points.

ISLAMABAD, Pakistan - Pakistani finance officials, faced with a looming economic meltdown, brought their case to the International Monetary Fund, though Islamabad has said it would only seek money from the agency as a last resort. IMF spokesman Niels Buenemann declined to give any specifics from the talks, which were held in Dubai, but Pakistani officials have said they may have to ask the fund for cash to avoid defaulting on sovereign debt due for repayment next year. Any default would further shatter local and international confidence in the country as it battles soaring violence by al-Qaida and Taliban militants close to the Afghan border.

MUMBAI, India - Indian stocks surged 4.5 percent after the nation's central bank unexpectedly cut the key lending rate by a full percentage point, the latest in a series of aggressive steps the government has taken to boost liquidity in the face of a global economic slowdown. The benchmark Sensex rose 460.30 points, or 4.50 percent, to close at 10,683.39.

PARIS - France's CAC-40 index of leading shares fared better after the French government said it would inject a total of 10.5 billion euros ($14 billion) into the country's six largest banks by year-end to help counter the effects of the global financial crisis. Though down from earlier, the CAC was still up 32.15 points or 1.0 percent, at 3,480.66, with banks in demand. BNP Paribas SA was up 8.0 percent, Societe Generale SA 11.4 percent and Credit Agricole SA 13.1 percent.

SAO PAULO, Brazil - Latin American stocks were mostly down on renewed concerns of a global slowdown, and investors sent Argentine equities plunging after the president announced a plan to nationalize pensions. The Merval index in Buenos Aires tanked by 10.5 percent to 1,052 in intraday trading after President Cristina Fernandez announced she will propose legislation for the government to take control of $30 billion invested in private funds. Brazil's Ibovespa index opened nearly 3 percent lower but recovered some of the lost ground and was down 1.6 percent to 38,819 in midday trading. Brazil's currency, the real, was down to 2.2 to the U.S. dollar compared to 2.1 a day earlier. Mexico's IPC index fell 1.8 percent to 20,415 and Colombia's IGBC was down 0.1 percent at 7,679. Chile's IPSA was up 0.1 percent to 2,548.

Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed

 

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