Equities post third weekly decline on growth worries
DLF lost 7.5% this week, while Unitech and DB Realty declined over 14% each following reports of alleged collusion of company and their respective promoters with a CBI official in the 2G spectrum case. While the BSE Capital Goods index declined 4% this week, BSE Power Index dropped almost 3%. “The market was lacking depth. The mood was extremely cautious and will remain so until the Budget. Corporate governance issues and weak earnings dampened the mood for the last few days,” said independent analyst Ambareesh Baliga.
In Asia, Japan's Nikkei 225 ended down 1.6% on a weekly basis, while Chinese Hang Seng and South Korean Kospi gained 1.3% and 2.5%, respectively. Europe was also trading mixed with UK's FTSE 100 index and French CAC 40 trading marginally up, but German DAX trading down 0.5%.
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