Asian Stock Gains And Market Close

Discussion in 'Trading' started by bapunagar, Oct 24, 2006.

  1. Asian stock market gained continuously for the fourth day. The major role played in these market is by Oil Industries, now a days OPEC is in talks with every major oil importing countries mainly in stock market places because the decisions taken by these group member brings great effect on the prices of oil and also to the US market and other related nations who depend on OPEC ( The Organization for Petroleum Exporting Countries ).

    Falling oil prices will help U.S. spending and make the Federal Reserve more likely to leave interest rates unchanged. Stocks also rose as Federal Reserve officials prepare to begin a two-day meeting later today. The decline in oil helped push the Standard & Poor's 500 Index yesterday to its highest since December 2000; Oil futures in New York lost 2.8 percent in the past three days.

    China Petroleum & Chemical Corp. led the Shanghai Composite Index 1.7 % high, Asia's biggest gain. Toyota, the world's second-largest automaker, gained 0.6 % to 7,000 yen. Taiwan Semiconductor, the world's largest maker of customized chips, climbed 2.9 %. China Petroleum, Asia's biggest refiner, added 4.8 % to 5.90 Yuan.

    Markets in India, Indonesia, Malaysia, Pakistan, the Philippines and Singapore are closed today for the holy festival celebrated in these nations.