Investors dump emerging market stocks, hoard bonds amid coronavirus angst

Coronavirus worries have caused the biggest exodus from emerging market stocks funds since September BofA said on Friday, while the ongoing dive into bonds is on course to reach nearly $1 trillion by the end of the year. Investors pulled out $2.7 billion out EM stocks funds BofA’s latest data crunching showed. The sugar-rush into bond funds attracted another $18 billion last week taking the year-to-date count to $130 billion and translating into almost a trillion dollars on an annualised basis. …

Gold prices surge 2% in domestic markets to new high on global cues

Gold prices jumped 2 per cent in the domestic markets to a new high, on Friday, following global cues. This led to domestic consumers staying away from fresh purchases, with even scheme- and exchange-related customers deferring transactions to avoid high making charges. Standard gold in Mumbai’s Zaveri bazaar rose to Rs 42,400 per 10gm in spot trade. While most retail shops in Zaveri bazaar were shut for Mahashivratri on Friday, the ones that were open did not witness any footfall. “There is no business,…

FiO Bolsters Taiwan’s Anti-Coronavirus Medical Volunteer System

/ — Taiwan’s government, pharmacy associations and network of tech volunteers like SaaS-blockchain company FiO have received praise for staving off the spreading of COVID-19 in the densely-populated country. Taiwanese health officials, assisted by private enterprises and organizations who answered its call, were able to swiftly distribute surgical masks to over 6,000 neighborhood “mom-and-pop” pharmacies. There, medically licensed volunteers helped beleaguered staff repackage bulk quantities into consumer-ready 2-pack units. To facilitate this, authorities drew on the technical expertise of companies like SaaS platform FiO. FiO used…

Gold climbs to 7-year high as coronavirus seen impacting global growth

Gold prices climbed to their highest level in seven years on Thursday as an uptick in the number of coronavirus cases in South Korea fueled worries over the wider economic impact of the outbreak. Spot gold rose 0.44 per cent to $1,618.38 per ounce by 1:41 p.m. EST (1841 GMT), after hitting its highest level since February 2013 at $1,623.45. US gold futures settled up 0.5 per cent at $1,620.50 per ounce. “Now that gold has surpassed the $1,600 level, more investors and traders will take…

Market Ahead, February 20: Top factors that could guide markets today

An uptick in stock markets globally supported by a fall in coornavirus cases and expectations of more Chinese stimulus is likely to keep the Dalal Street’s mood upbeat today. China reported a dramatic drop in new cases in the province at the heart of the coronavirus outbreak, while scientists reported the new virus may spread even more easily than previously believed. China’s central Hubei province had 349 new confirmed cases on Wednesday, the lowest since January 25. Besides, telecom stocks will continue to remain in focus.…

SAT upholds Sebi decision to recover over Rs 300 cr from Samruddha Jeevan

The Securities Appellate Tribunal (SAT) has upheld markets regulator Sebi’s decision to recover over Rs 300 crore from Samruddha Jeevan Foods India and its directors in a case related to illegal fundraising. The appeal has been filed by the company and its three directors — Mahesh Kisan Motewar, Vaishali Mahesh Motewar and Rajendra Pandurang Bhandare — questioning the veracity of a Sebi order passed in November, 2018, through which a notice of demand to pay over Rs 300 crore was issued. …

ETF flows show signs of revival in emerging markets, but India an outlier

India saw pull-outs from emerging market (EM) exchange-traded funds (ETFs) over the past week, despite flows in such ETFs having shown signs of revival. The ETFs withdrew $31.3 million for the week ended February 14. China, on the other hand, saw inflows of $37.3 million. Most of the EMs saw positive flows, with Indonesia the only other to see some outflow ($5 million) during the week. According to foreign fund managers, receding worries regarding a major global outbreak of Coronavirus led to improved sentiment. “Rising COVID-19 fears,…

Stock calls by Vaishali Parekh of Prabhudas Lilladher: Buy SBI Life, Cipla

BUY SBI LIFE | CMP: Rs 938.20 | TARGET: Rs 1,050 – 1,100 | STOP LOSS: Rs 890 The stock has taken support near 900 levels making a higher bottom formation pattern in the daily chart and made the chart look attractive for further upside movement in the coming days. The RSI also indicated a trend reversal to signal a buy and with decent volume participation witnessed. We recommend to buy and accumulate this stock for an upside target of Rs 1,050 – 1,100, keeping the…

Allow bundling of MF with loans, financial products: Industry body to Sebi

Sebi should allow bundling of mutual fund schemes with other financial products like loans as it can help in creating financial discipline in low income households, an industry body has suggested to the markets regulator. Bundling, in market parlance, is a marketing method that comprises firms selling several products as a single combined unit mostly for a lower price than they would charge customers to purchase each item separately. “Mutual fund products mainly through systematic investment plans (SIP) route should be…