VOA常速英语2007年-Indian Stock Markets Surge, But Some Fear Too F

By Anjana Pasricha
New Delhi
01 November 2007

Indian stock markets touched record highs this week as foreign investors¹ pour massive funds into one of the fastest-growing economies in the world. But as Anjana Pasricha reports from New Delhi, there are concerns that the sharp rise in the markets could lead to volatility².

Even the most optimistic investors had not predicted the level India's stock markets reached this week. The Mumbai Stock Exchange's Sensex index went past 20,000 points - a 45 percent rise since the start of the year.

 

Market analysts⁴ say share prices have been driven to record highs by foreign investors, who have pumped in $18 billion this year.

 

The overseas buyers are attracted by an economy that has grown an average of 8.5 percent a year since 2003.

 

But the celebrations are tinged⁵ with caution.

 

India's trade minister, Kamal Nath, is optimistic about the surging markets - but says the government is watching carefully.

 

"Sometimes it concerns us. But again, the fundamentals being strong, we feel India is emerging as a major parking lot for investors," he said.

 

Economists⁶ say there are worries that the huge flow of foreign capital into the country could just as easily be pulled out, leading to a sudden drop in share prices. The flood of money could also stoke inflation.

 

Such concerns have prompted the Central Bank to take measures to moderate the investment flood.

 

It has ordered banks to set aside more cash reserves to slow down lending. It is also tightening⁷ the rules under which foreign funds and businesses make stock purchases through brokers⁸. The bank is concerned that anonymous⁹ investors could be creating excessive speculation¹⁰.

 

Virendra Kumar heads a financial analysis firm, Value Search. He says the concerns have been triggered by the massive price rises in a very short period. The stock index levels have risen 25 percent in just six weeks.

 

"Investors are coming today into the market with huge expectations. To sustain this momentum¹¹ at this level could be difficult…. It has to slow down. Today, expectation is very exaggerated. Investors have to moderate their expectations," he said.

 

Still, recent estimates are that India's strong economic growth will remain on track, and this is triggering confidence that the good times will continue.

 

Central Bank Governor Y.V. Reddy recently said he expects the economy to continue its surge.

 

"While there could be unexpected global shocks … the growth path is likely to be not much different than what it was a few months back," he noted¹². "We have at the end of it retained the growth projection¹³ at 8.5 percent."

 

Analyst³ Kumar says he expects that Indian market to be an attractive one for long-term investors, because domestic companies are continuing to post healthy profits.

 

"Five, seven years, I think [the] market will be surely in a much stronger position," he said. "That is primarily driven by a lot of strong Indian companies. … They are proving their mettle¹⁴ … and that is why one can be very hopeful of the Indian stock market."

 

That appears to be the dominant¹⁵ sentiment. Analysts here are not expecting the funds pouring into the market to slow down - from overseas or domestic buyers.

 

They point out that foreign investors are not just attracted by the rising share prices. The 12 percent appreciation¹⁶ in the Indian rupee's value against the dollar this year has added to the foreigners' large profits.

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

3 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

4 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

5 tinged   

v.（使）发丁丁声( ting的过去式和过去分词 )

参考例句：

• memories tinged with sadness 略带悲伤的往事
• white petals tinged with blue 略带蓝色的白花瓣

6 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

7 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

8 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

9 anonymous   

adj.无名的；匿名的；无特色的

参考例句：

• Sending anonymous letters is a cowardly act.寄匿名信是懦夫的行为。
• The author wishes to remain anonymous.作者希望姓名不公开。

10 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

11 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

12 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

13 projection   

n.发射，计划，突出部分

参考例句：

• Projection takes place with a minimum of awareness or conscious control.投射在最少的知觉或意识控制下发生。
• The projection of increases in number of house-holds is correct.对户数增加的推算是正确的。

14 mettle   

n.勇气，精神

参考例句：

• When the seas are in turmoil,heroes are on their mettle.沧海横流，方显出英雄本色。
• Each and every one of these soldiers has proved his mettle.这些战士个个都是好样的。

15 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

16 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。