ASIA MARKETS Sydney, Mumbai come off lows on Citigroup rescue
By V. Phani Kumar, MarketWatch Last update: 1:01 a.m. EST Nov. 24, 2008HONG KONG (MarketWatch) -- Asian markets mostly declined Monday as financials such as HSBC Holdings paced losses on global financial worries, but banking shares helped a recovery in Sydney and Mumbai after the U.S. government agreed to inject additional capital into Citigroup and guarantee the banking giant's assets. Japanese markets were closed for a holiday. Australia's S&P/ASX 200 index rose 0.4% to 3,428.30 by late afternoon, reversing direction after shedding 1.6% earlier in the day. In Mumbai, the Sensitive Index, or Sensex, gained 0.6% to 8,972.63 by mid-morning, also changing direction. In Seoul, the Kospi pared losses and was recently down 0.8% at 995.91. Taiwan's Taiex also recovered some lost ground and was recently 0.3% down to 4,159.93. The recovery came on news that Citigroup (CCitigroup, Inc News, chart, profile, more
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: C) and the U.S. government reached an agreement to rescue the beleaguered financial giant with a plan that could lead to government guarantees of as much as $300 billion of Citi's troubled assets, according to a Wall Street Journal report. The plan also involves a $20 billion capital injection with an 8% interest rate, the report added. See full story. Shares of Westpac Banking Corp. (WBKWBK News, chart, profile, more
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: WBK) (AU:WBC: news, chart, profile) bounced 1.8%, while Commonwealth Bank of Australia (CBAUFcommonwealth bank of austral shs News, chart, profile, more
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: CBAUF) (AU:CBA: news, chart, profile) pared losses and was recently 2.8% lower in Sydney trading. In Mumbai, State Bank of India shares rebounded from their early lows and gained 2.5% by mid-morning, while ICICI Bank (IBNicici bk ltd adr News, chart, profile, more
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: IBN) stock narrowed losses and was recently down 1.5%. In Seoul, shares of Shinhan Financial Group (SHGshinhan financial group co l spn adr restrd News, chart, profile, more
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: SHG) cut losses and were recently down 2.1%, Korea Exchange Bank jumped 5.2% and Industrial Bank of Korea advanced 4%. Elsewhere, Hong Kong's Hang Seng Index ended the morning trading session down 1.2% at 12,508.52, while the Hang Seng China Enterprises index lost 0.3% to 6,403.65. China's Shanghai Composite index gave up 1.6% to 1,937.70. Conita Hung, head of research at Delta Asia Financial Group, said investors were disappointed after the Chinese government and central bank didn't announce an interest rate cut, or other stimulus measures, over the weekend as investors anticipated. ----------- Man muß ein Schwein sein |