Asian
Market News
Asian stocks rose, with the regional benchmark heading for a
four-month high, after data showed U.S. manufacturing expanded and as the yen
held yesterday’s losses.
Toyota Motor Corp., a Japanese carmaker that gets 31 percent of
its revenue in North America, added 1.1 percent.
Sunac China Holdings Ltd., a homebuilder partly owned by buyout firm Bain
Capital LLC, gained 4 percent in Hong Kong after it agreed to buy a stake in
developer Greentown China Holdings Ltd.
Daily Market Strategy
The rupee strengthened on reports that the finance ministry was
working on a proposal to cut fiscal deficit to 3.8% of GDP as against the
current target of 4.1%. The rupee soared to a high of 58.41 per dollar
during the day.
The government has turned down HDFC Bank's
proposal to raise the cap on foreign institutional investment to 67.55% from
49% after a prolonged debate. This implies that foreigners will not be able to
invest further in the country's second largest private bank, rated among the
best in the region and on almost every 'buy' list, says a report.
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