India’s first terrorist attack against foreigners has done nothing to dent Mark Mobius’ confidence in the stock market of the world’s second-fastest growing major economy.
Mobius, executive chairman of San Mateo, California-based Templeton Asset Management Ltd, said any stock declines may be shortlived as India’s economy was still “vibrant” and the Bombay Stock Exchange Sensitive Index was valued near the cheapest level on record relative to profit.
AMP Capital Investors also expected any declines spurred by the attacks on two luxury hotels in India’s financial capital to be short-lived.
The Sensex rose 1.1 percent to 9,127.89 at 2:18pm in Mumbai, after falling 1.5 percent earlier. The rupee fell 1.1 percent to US$50.045, the biggest drop in more than two weeks.
“It’s a fast-growing economy and we can’t allow this kind of incident to sway our decisions regarding where we want to invest,” Mobius, 72, said in a Bloomberg Television interview from Hong Kong. “India will rise from this and prosper.”
Stocks also rose after India’s economy grew at a faster-than-expected pace. Asia’s third-largest economy expanded 7.6 percent in the three months to Sept. 30 from a year earlier, after a 7.9 percent gain in the previous quarter, the statistics office said in a statement in New Delhi yesterday. The median forecast of 16 economists in a Bloomberg News survey was for 7.2 percent growth.
The assaults were the latest blow to investors after the worst global financial crisis since the Great Depression sparked this year’s 54 percent drop in the Sensex stock index, the biggest annual decline on record.
International investors sold a record US$13.5 billion in Indian equities this year as of Monday, according to data from the Securities and Exchange Board of India, as global credit losses and writedowns approached US$1 trillion. Investors bought a record US$17.4 billion last year.
ANGER: A video shared online showed residents in a neighborhood confronting the national security minister, attempting to drag her toward floodwaters Argentina’s port city of Bahia Blanca has been “destroyed” after being pummeled by a year’s worth of rain in a matter of hours, killing 13 and driving hundreds from their homes, authorities said on Saturday. Two young girls — reportedly aged four and one — were missing after possibly being swept away by floodwaters in the wake of Friday’s storm. The deluge left hospital rooms underwater, turned neighborhoods into islands and cut electricity to swaths of the city. Argentine Minister of National Security Patricia Bullrich said Bahia Blanca was “destroyed.” The death toll rose to 13 on Saturday, up from 10 on Friday, authorities
RARE EVENT: While some cultures have a negative view of eclipses, others see them as a chance to show how people can work together, a scientist said Stargazers across a swathe of the world marveled at a dramatic red “Blood Moon” during a rare total lunar eclipse in the early hours of yesterday morning. The celestial spectacle was visible in the Americas and Pacific and Atlantic oceans, as well as in the westernmost parts of Europe and Africa. The phenomenon happens when the sun, Earth and moon line up, causing our planet to cast a giant shadow across its satellite. But as the Earth’s shadow crept across the moon, it did not entirely blot out its white glow — instead the moon glowed a reddish color. This is because the
DEBT BREAK: Friedrich Merz has vowed to do ‘whatever it takes’ to free up more money for defense and infrastructure at a time of growing geopolitical uncertainty Germany’s likely next leader Friedrich Merz was set yesterday to defend his unprecedented plans to massively ramp up defense and infrastructure spending in the Bundestag as lawmakers begin debating the proposals. Merz unveiled the plans last week, vowing his center-right Christian Democratic Union (CDU)/Christian Social Union (CSU) bloc and the center-left Social Democratic Party (SPD) — in talks to form a coalition after last month’s elections — would quickly push them through before the end of the current legislature. Fraying Europe-US ties under US President Donald Trump have fueled calls for Germany, long dependent on the US security umbrella, to quickly
Local officials from Russia’s ruling party have caused controversy by presenting mothers of soldiers killed in Ukraine with gifts of meat grinders, an appliance widely used to describe Russia’s brutal tactics on the front line. The United Russia party in the northern Murmansk region posted photographs on social media showing officials smiling as they visited bereaved mothers with gifts of flowers and boxed meat grinders for International Women’s Day on Saturday, which is widely celebrated in Russia. The post included a message thanking the “dear moms” for their “strength of spirit and the love you put into bringing up your sons.” It
RSS