Market Bizzz

Most Asian markets opened higher on Friday after a mixed close on Wall Street, despite prevailing concerns about growth given stubborn inflation and rising interest rates. MSCI’s index of Asia-Pacific shares outside Japan was up 1.02 per cent.

GameStop is down about 40% so far in 2022 compared with a 687% gain for 2021, with the stock rising more than 2,463% at its peak last year. AMC shares are down 60.6% year-to-date compared with a 1,183% gain in 2021 and a 3,624% jump at their highest point last year.

The yen held most of its overnight gains on Friday, after falling U.S. yields and market jitters propped up the Japanese currency while another Wall Street selloff drove flight-so-safety bid to dollar, which remains near 20-year high peaks.

Stocks that were in focus include names like Indiabulls Housing Finance which plunged more than 20 per cent, Welspun India plunged more than 17 per cent, and Cam Fin Homes was down more than 4 per cent on Wednesday.

HDFC Bank, which had announced a final dividend of Rs 15.5, will go ex-dividend today. Indian Card Clothing company, which had announced a special dividend of Rs 25, will also go ex-dividend today.

Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic toll of aggressive interest rate hikes to tame it. U.S. markets whipsawed after the news, then closed sharply lower. S&P 500 futures rose 0.5% in a bumpy Asia session. Foreign exchange trade was also volatile, but has left the dollar index within a whisker of a two-decade high.

Shares of Thyrocare Technologies and Rakesh Jhunjhunwala- promoted Aptech will become ex-dividend today. Thyrocare had announced a dividend of Rs 15 per share. Aptech had also announced a dividend of Rs 5 per share. Rakesh and Rekha Jhunjhunwala held a 23.4 per cent stake in this company as of March 31.