Monday's Asia ADR Recap
Indian stocks closed in the green Monday as inflation concerns eased following a sharp drop in crude oil prices. However, despite the positive close, the Sensex Index wasn't able to hold onto earlier gains that took the Index to a high of 13,793.39. Traders said Indian shares were sold off after rumors broke that the Samajwadi Party, which is close to joining the ruling United Progressive Alliance, is demanding that the government initiate a windfall tax on private oil companies.
As for stocks in Hong Kong and mainland China, they rebounded Monday after buying interest picked up on speculation that the G8 will push a strong U.S. dollar policy this week when the Group of Eight meets in Japan. Investors in the Far East are hoping the G8 will support the dollar, which in turn will help to cool off rising oil prices and tame out-of-control inflation for the leading emerging markets. Market observers in the region also added that traders were snapping up Chinese shares in anticipation of a government bailout ahead of the Olympics.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV