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Global markets: Lackluster week - Views on News from Equitymaster
 
 
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  • Jun 14, 2003

    Global markets: Lackluster week

    It was a volatile week for the US indices. While the markets started on a weak note, they recovered during the week only to close in the red on Friday. For the whole week, while the NASDAQ was marginally in the red, the Dow gained marginally by 0.6%. The current week was highlighted by a mix of economic as well as earnings reports. While heavyweight Oracle cheered the markets with its better than expected earnings in its fourth quarter, other majors like Motorola and Adobe, however, disappointed investors as they gave a cautious outlook for their earnings in the second quarter.

    Indices 7-Jun-03 14-Jun-03 Change
    Dax 3,127 3,169 1.3%
    Nikkei 8,786 8,981 2.2%
    BSE 3,304 3,354 1.5%
    FTSE 4,150 4,134 -0.4%
    Dow 9,063 9,117 0.6%
    Hang Seng 9,695 9,856 1.7%
    NASDAQ 1,627 1,626 -0.1%

    This week also saw a slew of economic reports that kept investors on their toes. The most important of the reports was the Beige Book released by the US Federal Reserve Board. The Beige Book indicated that the US economy didn’t deteriorate in the month of April and May. Apart from this, sentiments were also governed by expectations of the Fed lowering interest rates. Other economic reports that came this week included the weekly unemployment figures as well as the University of Chicago’s index on consumer sentiments. While the weekly jobless claims figure was disappointing, it was lower than last week’s numbers. The consumer confidence index on the other hand indicated a disappointing picture as it registered a fall. While US markets have been more or less lackluster throughout the week, the undercurrent remains bullish and we could witness further gains in the coming week.

    Global indices remained largely positive with the major gainers being the BSE Sensex and the NIKKEI. Indian investors showed resilience on the back of better industrial output numbers and improving FII confidence in stocks markets. Globally, as the SARS scare further reduces and the Asian economies recover, the stock markets are expected to remain buoyant.

    (Price in US $) 7-Jun-03 14-Jun-03 Change
    Silverline 2.2 1.9 -11.6%
    Infosys 50.2 51.1 1.7%
    VSNL 4.4 4.6 4.3%
    Dr. Reddy's 21.2 21.7 2.5%
    HDFC Bank 18.4 18.6 1.3%
    Wipro 21.0 20.1 -4.5%
    MTNL 4.3 4.3 -0.2%
    Satyam 8.8 8.8 -0.1%
    ICICI Bank 7.1 7.0 -0.8%
    Satyam Infoway 5.5 4.5 -19.3%
    Rediff 4.4 3.4 -22.5%

    Apart from Infosys, VSNL, HDFC Bank and Dr Reddy’s, all other Indian ADRs remained in negative territory. While the US markets lost ground on Friday, the undercurrent remains upbeat and thus the possibility of Indian ADRs gaining ground in the US markets is good. With positive voices emanating for the US regarding outsourcing work to the subcontinent, software stocks could gain further ground in the coming week. Indian pharmaceutical major, Dr Reddy’s (which sells generic drugs in the US), could also see some upward correction in light of the US government’s intention of making healthcare more affordable by advocating a greater acceptability of generics.

     

     

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