LONDON–Major global stock markets were closing out a strong 2013 at or near record highs as New Year's Eve festivities kicked off yesterday. The 2013 calendar year was marked by high volatility and a remarkable rally in the later months, when the US Federal Reserve buoyed sentiment by keeping its stimulus programme intact for longer than expected and promising that interest rates would remain low in the coming months.
In Europe, the British and French markets, which traded for half a day, ended on a positive note. The FTSE 100 rose 0.3 per cent to 6,749.09 to end the year with a 14.4 per cent gain. The CAC-40 in Paris increased 0.5 per cent to 4,295.95 for an 18 per cent rise on the year.Germany's Dax, which like Italian, Swiss and Nordic exchanges had its last trading day on Monday, was among the strongest performers in 2013, with a 25.5 per cent rise that put it at a record high last week.
But it was Ireland's index that did best in Europe, with a 33.8 per cent gain, as the country emerged from its financial bailout programme.That was still no match for Japan's index, which soared 56.7 per cent–its biggest annual gain in 41 years–thanks to a massive stimulus programme aimed at dragging the country out of a two-decade stagnation. The Japanese market closed Monday at its highest level in more than six years and was closed yesterday for the holiday.
In Asia, Hong Kong's Hang Seng index gained 0.3 per cent to close at 23,306.39 in a half-day session. Shares in Shanghai and Shenzhen also rebounded from early losses.Elsewhere in Asia, share prices rose in Malaysia, Singapore and India but fell in Australia, New Zealand and Taiwan.The price of crude oil slipped further below US$100, with the benchmark US contract for February delivery down 67 cents at US$98.62 in electronic trading on the New York Mercantile Exchange.
AP