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EAC report says stock market recovery in early 2009
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Indian and Chinese stock markets have suffered the biggest fall in the global equity market slump over the past six months but according to the report of Prime Minister's Economic Advisory Council (EAC) possible recovery may ensue by early 2009.
"Both emerging and development markets are down with China and India having dropped the most, developed countries by relatively less and commodity exporting countries like South Africa, Brazil, Russia and Soudi Arabia the least," the EAC said in its latest economic outlook for the current fiscal.
The Shanghai Stock Exchange has registered maximum fall (56 per cent) from its peak, while the benchmark index of the Bombay Stock Exchange (BSE) dipped by as much as 40 per cent and the Manila Stock Exchange dropped by 39 per cent, registering the third largest fall.
The report added that "having lost one fifth to one third of their value, equity assets would appear to have greater upside rather than down side prospects. If there are no major further shocks, a slow albeit hesitant recovery may be envisaged."
"Besides, the fact that world economies can offset the disturbance in the financial sector of the developed country, can contribute to an improvement in the behaviour of equity markets in early 2009," the report said. |
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