Asian stocks mostly higher
Friday, 10 August 2007
HONG KONG, Aug 09 (MarketWatch): Asian stocks mostly ended higher Thursday in the wake of a Wall Street rally, with technology firms such as Advantest Corp. pacing gains in Japan, but Indian shares sharply retreated from early gains as fears of a European spillover from US subprime mortgage market's woes came to light.
Shares in India retreated in late trading on news that France's BNP Paribas will temporarily stop valuing three of its funds and won't allow customers to withdraw their investments after US subprime woes led to the "complete evaporation of liquidity" in that market. Equities trading in several Asian markets had ended by the time the news reached India at late afternoon.
Regarding subprime fallout, Sharmila Joshi, assistant vice president for institutional sales at Asit Mehta Investment Intermediaries in Mumbai, said: "Everyday you are hearing more names of financial institutions.
Shares in Thailand and Indonesia also dropped in late trading, with Thailand's SET index retreating from the day's high of 842.51 to end 2.4 per cent lower at 811.83, while Indonesia's Jakarta Composite lost 0.9% at 2,241.40, coming off an intraday high of 2,298.60.
Shares in India retreated in late trading on news that France's BNP Paribas will temporarily stop valuing three of its funds and won't allow customers to withdraw their investments after US subprime woes led to the "complete evaporation of liquidity" in that market. Equities trading in several Asian markets had ended by the time the news reached India at late afternoon.
Regarding subprime fallout, Sharmila Joshi, assistant vice president for institutional sales at Asit Mehta Investment Intermediaries in Mumbai, said: "Everyday you are hearing more names of financial institutions.
Shares in Thailand and Indonesia also dropped in late trading, with Thailand's SET index retreating from the day's high of 842.51 to end 2.4 per cent lower at 811.83, while Indonesia's Jakarta Composite lost 0.9% at 2,241.40, coming off an intraday high of 2,298.60.