January
28, 2008
Asian Markets Slide
on Renewed US Recession Fears
Tokyo
Asian stock markets resumed their roller-coaster ride Monday,
sliding down sharply after last Friday's strong rebound.
Japan's key Nikkei 225 Stock Average lost 541.25 points, or 3.97
percent, to end at 13,087.91 as brokers expressed continued worries
over the looming recession in the US.
The broader Topix index of all first-section issues also shed 51.74
points, or 3.9 percent, to 1,293.03.
Hong Kong's Hang Seng Index ended the day down 1,068.76 points, or
4.25 percent, at 24,053.61. Turnover was 107.7 billion Hong Kong
dollars ($13.8 billion).
The Hong Kong market is now down around 5 percent on its level for
the beginning of the year and down around 8,000 points on its record
high of almost 32,000 at the end of October.
The index had one of its most volatile weeks ever last week, losing
8.6 percent of its value last Tuesday before surging 10.7 percent
the following day.
Analysts attributed Monday's fall to renewed concerns about the
prospect of a global economic slump led by the US.
Shares fell even more sharply on the Shanghai stock exchange in what
Chinese media called a "black Monday."
For the second time within a week, the Shanghai Composite Index
dropped by more than 7.19 percent in a single day, closing at
4,419.29 points.
The Shenzhen Composite Index fell 6.85 percent to close at 1,335.96.
Taiwan stocks plunged more than 3 percent, with the TAIEX closing at
7,485.79, down 253.80 points, or 3.28 percent.
Shares nosedived nearly 4 percent on the Seoul stock exchange, as
the benchmark Kospi index fell 65.22 points, or 3.9 percent, to
close at 1,627.19.
The main index of the technology-heavy Kosdaq market fell 19.26
points to 634.52.
India's benchmark Sensex lost 3.93 percent market capitalization in
early trade after investors shed stock to hedge against future
market movements.
The Bombay Stock Exchange's 30-stock Sensex lost 720 points to close
at at 17,640.
The wider 50-stock S&P CNX Nifty of the National Stock Exchange in
Delhi was down 249 points, or 4.63 percent, to 5,134.
Stocks on the Singapore Exchange slumped 3.7 percent and the Thai
market was off by 1.9 percent.
Boloji.com is owned and managed by Boloji Media Inc Privacy Policy |
Disclaimer
No part of this Internet site may
be reproduced without prior written permission of the copyright holder.
