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.
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