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Shares sink, gold surges as US authorises air strikes in Iraq

Overall, Asian and European markets traded weak during the day.

By: ENS Economic Bureau | New Delhi |
August 9, 2014 1:18:42 am

The news of US President Barack Obama approving air strikes on Iraq spooked the global markets on Friday, resulting in a cascading impact on the Indian markets, which fell for the third straight trading session as domestic and foreign investors turned jittery. The benchmark Sensex at the Bombay Stock Exchange fell 1 per cent on Friday to close at a three-week low of 25,329.

The broader Nifty at the NSE too fell by 80 points or 1.1 per cent and closed at 7,568.5. The foreign institutional investors sold a net of Rs 503 crore from the Indian equities on Friday as the geopolitical concerns, which were already rising in the wake of the confrontation between the West and the Russia, escalated further after the US decision. The price of gold too rose by Rs 300 per 10 grams (in Delhi) to hit Rs 29,100 per 10 grams.

Overall, Asian and European markets traded weak during the day. The Nikkei in Japan witnessed the biggest fall among its peers as it fell the by 3 per cent on Friday. The Hang Seng in Hong Kong too fell by 0.2 per cent during the day. In Europe, the FTSE in the UK was down by 0.6 per cent while the DAX in Germany and CAC in France were down by 0.4 per cent and 0.2 per cent in the afternoon trading hours.

Reuters on Friday reported that London-listed oil producer Afren has suspended output at its Barda Rash oilfield in Iraqi Kurdistan, the first field to shut in Kurdistan as Islamic State militants advance towards the oil-rich region. Price of Brent crude rose 0.3 per cent on Friday to hit $106.8 per barrel. In India, while the 3-share Sensex fell by 1 per cent, the mid-cap and small-cap indices fell by 2 per cent and 2.1 per cent, respectively.

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