Stocks closed nearly flat Monday as foreigners dumped local shares amid lingering concerns over the spread of the new coronavirus. The won fell against the dollar.The Kospi dropped 1.42 points, or 0.06 percent, to close at 2,242.17. Trading volume was moderate at 453 million shares worth 5.5 trillion won ($4.6 billion), with losers outnumbering gainers 488 to 319.After opening lower, the index reached an intraday high of 2,250.05 points in the morning session, following news that China’s central bank decided to cut the interest rate on its medium-term loans to stimulate its economy against the coronavirus outbreak. The index lost steam later and hovered around the flat line.“Although the Chinese stock market advanced more than 1 percent, investors here apparently remained cautious and locked in recent gains,” said Kiwoom Securities analyst Seo Sang-young.Foreign investors sold a net 229.5 billion worth of local shares, while institutions scooped up a net 15 billion … [Read more...] about Stocks related to Z Flip smartphone get bump
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Mumbai: Equity benchmarks Sensex and Nifty eked out minor gains during the week by, as the spread of coronavirus bothered global markets, and domestic economic data raised the possibility of another rate cut by the Reserve Bank of India (RBI). The Supreme Court’s harsh words for telecom companies in the adjusted gross revenue (AGR) case also sent shivers down the market. The market direction from here on remains uncertain, making it difficult for traders to pick up the right bets for the coming weeks. Rohit Singre, Senior Technical Analyst at LKP Securities said Nifty closed the week at 12,113 with minimal gain of 0.12 per cent and formed a Doji candle on the weekly chart, which suggests indecision among traders. “The index has good support at the 11,990 mark. If it holds above the said level, there may be a small consolidation in Nifty in the 12,000-12,250 range. The index has immediate support in the 12,050-11,990 zone and resistance near the 12,190-12,250 zone,” … [Read more...] about Tata Global, Lupin, Biocon among top 12 money-making ideas for next few weeks
The government has removed incentives for export of fresh and chilled onions, a move aimed at discouraging outbound shipments of the kitchen staple due to rising prices in the domestic market. Exporters of onion were earlier availing incentives under Merchandise Exports from India Scheme (MEIS) at the rate of 10 per cent. The Directorate General of Foreign Trade (DGFT), an arm of the commerce ministry, in a public notice dated June 9, stated it is withdrawing the benefits for exports of fresh and chilled onions. "The rate at which MEIS benefits for exports of fresh and chilled onions is granted under the foreign trade policy has been made zero from the current 10 per cent with immediate effect," it said. In December last year, the government had doubled the rate of incentives from 5 per cent to 10 per cent under this scheme to boost shipments and ensure better returns for farmers. The incentive was to be there till June 30 this year. Under MEIS, the government provides duty … [Read more...] about Centre removes export incentives for onion
In a month-long stare-down game, New Delhi has blinked before Dalal Street — even if for a fleeting moment. Finance minister Nirmala Sitharaman’s hurried ‘Mini Budget’ on Friday has tried to dispel the shadow cast by her disheartening maiden Budget in July. Sitharaman’s choice of words, body language and seemingly ardent promises to do more in order to keep alive the hope of businessmen and traders in dealing rooms is a testimony of a government that is slowly beginning to sense that the road to the making of ‘New India’ will have twists, turns & occasional bumps. It’s somewhat even reassuring to see that the Narendra Modi government is willing to accept that the slowdown is not just another story spun by social media spin-meisters and vocal lobbies — and that the gathering cloud over the job market would simply blow over with the advent of the festival season. Now, we are left to ponder over the weekend the single-most … [Read more...] about Are Nirmala Sitharaman’s announcements good enough to reverse a slowing growth?
Japan's economy shrank at the fastest pace in almost six years in the December quarter as last year's sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks. Analysts say the widening fallout from the epidemic, which is damaging output and tourism, could undermine growth in the current quarter and push Japan into recession - defined as two straight quarters of decline. "There's a pretty good chance the economy will suffer another contraction in January-March. The virus will mainly hit inbound tourism and exports, but could also weigh on domestic consumption quite a lot," said Taro Saito, executive research fellow at NLI Research Institute. "If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge," he said. Japan's gross domestic product (GDP) shrank an annualised 6.3% in the October-December period, government data showed on Monday, much faster than a median … [Read more...] about Japan’s recession risks grow as economy skids in Q4, virus clouds outlook