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Friday, August 10, 2007

Dow drops 387pts, Indian ADRs tumble

US stocks tumbled on Thursday, with the Dow and S&P down nearly 3% after BNP Paribas froze three funds that invested in US subprime mortgages, prompting central banks to take steps to calm investors.

While the Dow plunged 387 points (2.83%) to 13,271, the Nasdaq Composite fell 56 points (2.16%) to 2,556.

Indian ADRs, too, plunged sharply on Thursday. HDFC Bank and ICICI Bank were down 6% each at $82.71 and $41.60, respectively.

Infosys dropped nearly 4% to $49.30. Satyam, Wipro, Genpact and Tata Motors also declined.



Asian mkts take Wall St cue, drop sharply

Asian equity markets took the Wall Street cue, and dropped sharply today on US subprime woes.

The Nikkei was down nearly 3% (449 points) at 16,722. The Hang Seng, Strait Times and Kospi were all down 2-3% each.

The Shanghai index, however, was down only marginally (8 points) at 4,746.

Posted by FR at 9:34 AM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.