Posted at 11:46 a.m., Tuesday, January 22, 2008
Hawaii stock index rebounds sharply with gain
Advertiser Staff
The Bloomberg-Honolulu Advertiser Hawai'i Index rebounded strongly after dipping to its lowest level ever as nervous investors sold off shares during the first hour of trading.The index recorded an increase for the day as local bank stocks led the gainers. Nationally, markets plummeted during early trading as Wall Street reacted to the Federal Reserve's emergency rate cut. Unlike the local index, the Dow Jones industrials average's rebound wasn't enough to end the day with a gain, and the index was down 1.6 percent at the close of trading.
The 11-member Hawaii stock index climbed 1.37 points to 83.40, as six issues rose, four fell and one remained unchanged.
Bank of Hawaii was the leading index gainer, recording a $1.85 increase to $44.92. Central Pacific Financial rose 7.4 percent, or $1.10, to $15.97, while Maui Land & Pineapple, which was up $1.05 to $28.60.
