Slim losses for Asian markets

New orders for US manufactured durable goods decreased by more than expected in the month of November, according to a report released by the Commerce Department on Thursday, following a steep drop in orders for transportation equipment. The report showed that durable goods orders fell by 1.3% in November following a revised 3.1% decrease in October. US stocks were mostly unchanged in the lightly traded session with the Dow adding 14 points or 0.1% to close at 11,573.49.

Japanese markets ended lower after a break yesterday. The stocks closed in negative territory with an early break under 10300 proving to be turn the day bearish for the stocks right from the start. A stronger yen also hurt the major exporters amid thin volumes ahead of Christmas. The benchmark Nikkei 225 Index shed 67.29 points, or 0.65% to close at 10,279.19. Japan's economic growth is expected to slow to 1.5% in fiscal 2011 from 3.1% in the current fiscal year, as consumption further wanes following the expiration of special subsidies and exports fall on slipping demand and a strong yen, the Cabinet Office said in a report earlier in the week. "We need to keep a close eye on any possible slowdown in overseas economies and swings in the foreign-exchange rate," the report said. 

 

The Australian stocks ended slightly lower amid light volumes and mild selling pressure in commodities market. The benchmark S&P/ASX200 Index dropped 21.70 points, or 0.46% to close at 4,777 points, extending its recent retreat. 

Chinese equities slid substantially lower in an eventful day as carmakers came under intense pressure after officials in China, the world's biggest auto market, announced plans to sharply limit new vehicle registrations in Beijing. A continued liquiduity crunch in the short term money markets kept the sentiments under stress and the benchmark Shanghai Composite Index dropped 0.70% to close at 2,835.2 points

In Mumbai, the key benchmark indices clocked decent gains outperforming mostly lower global peers and snapping last two days' losses. The barometer index BSE Sensex and the 50-unit S&P CNX Nifty provisionally closed above their psychological 20,000 and 6,000 mark, respectively. The market breadth was positive. As per provisional figures, the BSE 30-share Sensex was up 95.39 points or 0.48% to 20,078.27. The Sensex rose 103.54 points at the day's high of 20,086.42 in late trade. The index declined 102.52 points at the day's low of 19,9880.36 in early trade.

In other markets, South Korea's Seoul Composite dropped 0.39%, Hong Kong's Hang Seng lost 0.30% while Taiwan's Taiex edged up 0.19%. US dollar stayed little changed while commodities were mixed as some selling pressure emerged in gold and crude oil added further gains as the latest breakout above $91 kept the sentiments firm.

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