Sensex sees declines for second day

Equities markets in Asia and the Pacific remained mixed once again on Thursday. The Sensex dropped 3.83 percent to 17,998.39 at the close. Foreign investors were mostly avoiding purchases until issues over proposed new transparency rules are resolved. Other decliners on the session included the Shanghai Composite, which was 3.5 percent lower to 5,825.28, and the Straits Times index in Singapore, which was down 0.78 percent to 3,809.69.

Among gainers on the session, the Hang Seng index added 0.57 percent to 29,465.05 in Hong Kong while Taiwan’s Taiex gained 0.78 percent to 9,637.07. The Kopsi index was 1.07 percent higher to 2,005.09 in South Korea. Meanwhile in Australia, the Sydney Ordinaries added 1.27 percent to 6,781 while the S&P/ASX200 was up 1.31 percent to 6,767.7.

Tokyo’s markets were higher on the day. The Nikkei 225 gained 0.89 percent to 17,106.09 and the Topix index was 1.09 percent higher to 1,617.75, while the Mothers market jumped 7.22 percent to 883.84. Banks, brokers, and credit card issuers saw gains, while exporters saw gains as the yen weakened versus the US dollar. Retailers were lower on a prediction that the Japanese economy’s growth will be slower than previously believed.

European markets were mixed, with more losers than gainers. The gainer was Madrid’s IBEX, which added 0.5 percent to 15,507.1. Elsewhere, the pan-European FTSE Eurofirst 300 was down 0.78 percent to 1,572.92. In Frankfurt, the Dax dropped 0.8 percent to 7,921.4. The Paris CAC-40 fell 0.89 percent to 5,767.24. Car and truck manufacturers were higher, as were those with interest in media and defense. Construction-related shares were mixed, while software makers saw declines.

In London, the FTSE 100 dropped 1.02 percent to 6,609.4 and the FTSE 250 was 1.1 percent lower to 11,411.6. House builders and property developers saw significant losses, while some retailers also saw declines. Pubs operators, can makers and medical device manufacturers were up on the session.

Wall Street was lower in early afternoon trade after Bank of America (NYSE: BAC; TYO: 8648) reported that profits were down by 32 percent in the third quarter. The Dow Jones Industrial Average was 0.22 percent lower to 13,861.81, while the Nasdaq Composite dropped 0.35 percent to 2,782.82 and the S&P 500 was down 0.38 percent to 1,535.35. Banks were and candy makers were both lower, but the pharmaceuticals sector saw gains.

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