Market may edge lower on weak Asian stocks

The market may extend losses on weak Asian markets two days. Foreign Institutional Investors (FII) bought shares worth Rs 445.26 crore and domestic funds sold shares worth Rs 355.51 crore on Friday, June 3, 2011, preliminary data released for trade. Key benchmark indices continued losses for the second consecutive day on Friday, June 3, 2011 on the information that the slowdown in the services sector in May 2011.

Police dispersed a large number of rapid graft cons led by India’s most famous yoga guru Baba Ramdex Sunday, risking more political headaches for the scandal-tainted government. The campaign, Ramdev, who is planning to launch a political party before the elections in 2014, following allegations of bribes at the Commonwealth Games and a telephone scam that would cost the state $ 39 billion. Ramdev accused the police of brutality when they broke the hunger strike that he and thousands of supporters have begun in New Delhi Saturday, June 4, 2011.

In the new macro, the service sector expanded at its slowest pace in 20 months in May 2011 as high prices and rising interest rates eating away at the growth of new enterprises and reduces the level of optimism, a survey showed on Friday. The seasonally adjusted economic activity index Markit HSBC, based on a survey of over 400 companies in India, has slipped to 55 May 2011, from 59.2 in April 2011, marking its twenty-five consecutive months above 50 level that separates growth from contraction.

Manufacturing growth in India eased slightly in May, new orders slowed, but the contribution of plants and production costs continued to skyrocket. HSBC Markit Purchasing Managers’ Index, based on a survey of nearly 500 companies, fell slightly to 57.5 in May against 58.0 in April, dragged down by slowing the growth of new orders and a shortage of hand data revealed last week.

Asian stocks fell on Monday, June 6, 2011, killed last week under pressure from the disappointing U.S. economic data. The key benchmark indices in Singapore, Indonesia and Japan decreased between 0.4% and 0.94%. Stock markets in Hong Kong, Shanghai and Seoul were closed for holidays. (PAN Card for NRI)

U.S. stocks closed a fifth week of losses with more selling Friday after an anemic employment report strengthened the case that the economy slowed. The government report showed that 54,000 payroll jobs in May, the lowest level since September, while the U.S. unemployment rate rose to 9.1% compared to 9% in April. nri online trading account

Meanwhile, the greek Ministry of Finance on Friday, June 3, 2011, said that negotiations with financial aid from the Greek language is welcome, and the country is also committed to accelerating the privatization of its activities. In another development, the Portuguese opposition won the elections on Sunday, describing said to try to quickly transfer savings required by the plan developed by the European Union and the International Monetary Fund. Nri Share Trading account


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