Shares on the Bombay Stock Exchange (BSE) tumbled 2.7 percent in Monday, January 29, afternoon trade following Friday's earthquake in the western Indian state of Gujarat, brokers said. At 12:30 pm (0700 GMT), the benchmark 30-stock BSE sensitive index was down 115.88 points at 4,214.34.
Many brokerages were thinly staffed, with a large number of Gujarati traders heading back to their home towns to assess the impact of the earthquake. Orders from the Gujarat cities of Ahmedabad, Surat and Baroda were lower than normal, said brokers. "Lack of fresh fund buying is seen dampening sentiment," said a foreign brokerage dealer.
However, cement stocks were higher on hopes of post-quake reconstruction orders for the sector. "Cement stocks have come in for some aggressive buying on prospects of increased demand after the earthquake," said the broker. Associated Cement Cos. was up 2.90 rupees at 176.45, Gujarat Ambuja Cement was up 3.85 at 190.0 and Larsen Toubro was up 2.30 at 244.75. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
