MARKET UPDATE AT OPENING ON SEPT 2, 2008

The market may edge higher following a sharp fall in oil prices.

However, subdued trend in Asian stocks may cap gains. Traders may

refrain from building large positions ahead of a market holiday tomorrow

, 3 September 2008. The market remains closed tomorrow on account

of Ganesh Chaturthi. Oil extended losses toward $111 a barrel on Tuesday,

2 September 2008, after Hurricane Gustav eased before slamming into

the US Gulf Coast, pushing up the US dollar to a 7-month high against

the euro and causing a broad sell-off of commodities. Asian stocks were

mostly in the red today, 2 September 2008. Key benchmark indices in

Hong Kong, China, South Korea, Singapore and Taiwan were down by

between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets

were closed on Monday, 1 September 2008, for Labour Day holiday.