| FIIs pull out over Rs 5,300 cr in 6 days
Foreign Institutional Investors have pulled out over 5,307 crore from the stock market in the last six days, amid the Bombay Stock Exchange's benchmark index Sensex's continuous downward journey during the period. According to the provisional data available on the SEBI website, FII today made a net sale of equities worth Rs 1,356 crore, for the third consecutive trading day today. Analysts believe the concerns in the global markets are behind the FII selling spree of equities in Indian market. The Sensex has lost 3,222.1 points in last six trading sessions, while FIIs have invested Rs 513.90 crore in three instances and pulled out Rs 5,821.70 crore in the other three days, resulting in a net sale of Rs 5,307.80 crore. FIIs had sold shares worth over Rs 2,186 crore on January 18 along with the Sensex dropping 687 points on Friday last week.
Sensex nose dives again; Investors lose $150 Bn
Mumbai: Monday, the country's stock markets saw the benchmark index of the BSE shed 2,000 points intra-day before rallying marginally later in the afternoon and sensex closed 1,408 points down at 17,605 suffering a 7.40 percent loss. Still on the second day of the mind-boggling meltdown of stocks, which led to suspension of trading, market seems to be haunted by its severe impact.
On Tuesday, investors lost over $150 billion (Rs 6 lakh crore) within minutes of the opening of the Bombay Stock Exchange. Even after the market opened at 1100 hours, the bears continued playing and within an hour the BSE Sensex was reading down by over 2200 points leading to the suspension of trading for an hour.
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Potential Chinese investment from Ping An Insurance boosts Prudential ...
Prudential's chief executive said yesterday that he would welcome new long-term investors, as speculation that a Chinese insurer planned to take a stake in the company sent Pru's shares soaring. Prudential shares jumped 6 per cent in early trading before closing up 12p, almost 2 per cent, at 630p after reports in China that Ping An Insurance intended to buy a non-controlling stake in Britain's second-largest insurer. Ping An is raising $22 billion (£11.3 billion) through the sale of bonds and additional shares, which reports have suggested could be used to fund investments in Europe and the United States. Prudential shares led a FTSE recovery yesterday morning, followed by mining stocks and other insurers, although the market later closed down 130 points.
Qwest stock dips under $6 after AT&T statement
Qwest stock dropped below $6 for the first time in nearly two years Wednesday, a day after larger peer AT&T told investors it is seeing a slowdown in the consumer wire-line and Internet businesses. Shares of Denver-based Qwest dropped 20 cents, or 3 percent, to close at $5.92, the lowest close since the stock ended at $5.84 on Feb. 15, 2006. The stock tumbled nearly 11 percent during intraday trading before a late rally Wednesday. Other land-line carriers also took hits over fears that their residential-phone customer base — already on the downswing amid competition from cable and cellphone companies — may further erode because of the economic slowdown. AT&T stock dropped 16 cents to $39, Embarq fell 51 cents to $46.54, and CenturyTel plummeted $2.91 to $36.41. "I think the markets in general are worried about a recession," said Donna Jaegers, an analyst with Janco Partners.
Nylex falls after takeover bid withdrawn
SHARES in Nylex fell 17.5 per cent today after a private equity firm withdrew its takeover proposal for the building, automotive and plastic products maker. The stock ended down 35 cents to $1.65, after trading as low as $1.55 during the day. On Friday, after the market had closed, Nylex revealed that CHAMP Private Equity would not be making a firm offer for the company after its indicative offer of $2.65 a share in November. Nylex said talks with CHAMP had now ceased. Executive chairman Peter George said the Nylex board was not surprised the proposal had been withdrawn, given the recent turbulence in global financial markets. He said Nylex was still positioned to grow its businesses and build on the benefits of a restructuring program.
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