Dhaka, Bangladesh (BBN) – US stocks advanced initially as employment, manufacturing and home sales data beat analysts’ estimates.
However US equities dropped after Goldman Sachs Group downgraded rating for US retail firms and State Street Corporation, an US fiduciary bank, reported exhausted recession reserve. Equities retreated further after analysts forecasted weaker bank earnings.
The Dow Jones Industrial Average closed at 9,241.45 on Wednesday, a loss of 0.43 percent compared to last week. The NASDAQ Composite declined by 1.17 percent to 1,969.73 during the same period, according to reports.
Asian stocks gained earlier in the week on analysts’ estimates of higher earnings for Asian companies. However due to weaker overseas earning prospects for Japanese Automakers and reduced commodity prices equities declined.
Overall the Nikkei 225 closed Wednesday at 10,505.37, a rise of 1.72 percent against last week. The BSE Sensex fell by 1,050 points or 6.60 percent to 14,853.67over last week. Indian equities retreated on concern that shortfall in agricultural production due to monsoon will slow down economic growth.
Locally, turnover at the country’s premier bourse, Dhaka Stock Exchange, hovered around BDT 7.4 billion on Wednesday. The DSE General Index closed on Wednesday at 3,001.46 level, 1.55 percent higher than last week.
BBN/SS/SI/AD-15August09-1:46 am (BST)