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.