Equities are likely to remain subdued on Monday tracking the gloom in overseas markets after oil inched higher on fears of Hurricane Gustav gaining strength.
Expect the markets to open on a weak note Monday, in reaction to the US market weakness. Just as much as Friday's gains were as a result of short covering, Monday's initial losses could be on account of profit taking
US stocks tumbled on Friday, led lower by technology shares after computer maker Dell warned that companies worldwide are cutting back on technology spending. Economic data added to the market's jitters ahead of the long Labor Day weekend. A government report showed US personal income fell unexpectedly in July while spending slowed as the effects of a government stimulus package wore off.
The Dow Jones Industrial Average was down 171.47 points, or 1.46 per cent, at 11,543.71, the Standard & Poor's 500 Index shed 17.93 points, or 1.38 per cent, at 1,282.75 and the Nasdaq Composite Index fell 44.12 points, or 1.83 per cent, at 2,367.52.
Monday, September 1, 2008
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