ID :
26939
Tue, 10/28/2008 - 02:01
Auther :
Shortlink :
http://m.oananews.org//node/26939
The shortlink copeid
Asian, European mkts tumble again; Nikkei touches 26-year low
London, Oct 27 (PTI) World markets Monday woke up to
another nightmarish day, as Asian and European stocks wobbled
under the spectre of economic slowdown, with Japanese
benchmark Nikkei nosediving to a 26-year low.
Starting from where they left on Friday, the Asian
bourses except South Korea's Kospi Index, and the European
markets Monday saw themselves washed away in recessionary
fears and mounting negative global cues.
In the Asian region, Hong Kong's benchmark Hang Seng,
China's Shanghai S.E. Composite IX and Singapore's Straits
Times, crashed on an average of eight percent.
Bogged down by weak Asian markets, the European shares
tumbled in the range of four to six percent, as worldwide
efforts to stave off recession failed to assuage investor's
fears.
Among Europe's major benchmark indices, London Stock
Exchange's F.T.S.E. 100, France's Cac 40 and Germany's Dax
were trading in the negative zone.
Japanese benchmark Nikkei 225 took one of the worst
beating, as it tumbled by 6.36 percent to 7,162.90 points,
reportedly its lowest close since 1982.
Appreciating Yen, which has now touched a 13-year high
against the U.S. dollar and increasing economic slowdown fears
have been battering the country's shares in recent weeks.
However, propped up by a cut in key rates, South Korea's
Kospi swarm against the negative tide and closed higher by
nearly one percent at 946.45 points.
South Korea's central bank has slashed the key interest
rates to 4.25 percent from five percent.
India's 30-share index, Sensex, was less hit compared to
its counterparts in Asia. Trimming the losses towards the end,
the benchmark index closed at 8,509.56 points, down 2.20 per
cent.
Hong Kong's Hang Seng plummeted more than 1,600 points or
12.7 percent to 11,015.84 points. This is reportedly the
biggest loss in a single trading session since 1991.
Singapore's Straits Times declined 8.33 percent to
1,600.28 points.
Further, Chinese stocks too nosedived 6.32 percent to
1,723.35 points, reportedly the lowest close since September
2006.
Meanwhile, the G-7 nations warned that strengthening Yen
is a threat to the economic stability and promised coordinated
efforts to arrest the currency's rising value.
In the Asia-Pacific region, another victim of the
oscillating fortunes was the Philippines market. The benchmark
Philippine S.E. I.D.X. tumbled 12.27 percent to 1,713.83,
after one of the nation's biggest banks, Banco de Oro Unibank,
recorded a hefty loss of 1.3 billion Pesos (over 26 million
dollars) for the second quarter.
On the other hand, U.K.'s F.T.S.E. 100 plunged 4.68
percent to 3,701.50 points while France's Cac 40 dropped 6.24
percent to 2,994.56 points. Germany's Dax fell 4.30 percent to
4,110.84 points.
Moreover, American markets are expected to track the
trend in Asian and European bourses when they open later in
the day.
On Friday, all the three major indices -- Dow Jones
Industrial Average, S&P 500 and Nasdaq Composite Index, were
down more than three percent. PTI R.A.M.
RKM
another nightmarish day, as Asian and European stocks wobbled
under the spectre of economic slowdown, with Japanese
benchmark Nikkei nosediving to a 26-year low.
Starting from where they left on Friday, the Asian
bourses except South Korea's Kospi Index, and the European
markets Monday saw themselves washed away in recessionary
fears and mounting negative global cues.
In the Asian region, Hong Kong's benchmark Hang Seng,
China's Shanghai S.E. Composite IX and Singapore's Straits
Times, crashed on an average of eight percent.
Bogged down by weak Asian markets, the European shares
tumbled in the range of four to six percent, as worldwide
efforts to stave off recession failed to assuage investor's
fears.
Among Europe's major benchmark indices, London Stock
Exchange's F.T.S.E. 100, France's Cac 40 and Germany's Dax
were trading in the negative zone.
Japanese benchmark Nikkei 225 took one of the worst
beating, as it tumbled by 6.36 percent to 7,162.90 points,
reportedly its lowest close since 1982.
Appreciating Yen, which has now touched a 13-year high
against the U.S. dollar and increasing economic slowdown fears
have been battering the country's shares in recent weeks.
However, propped up by a cut in key rates, South Korea's
Kospi swarm against the negative tide and closed higher by
nearly one percent at 946.45 points.
South Korea's central bank has slashed the key interest
rates to 4.25 percent from five percent.
India's 30-share index, Sensex, was less hit compared to
its counterparts in Asia. Trimming the losses towards the end,
the benchmark index closed at 8,509.56 points, down 2.20 per
cent.
Hong Kong's Hang Seng plummeted more than 1,600 points or
12.7 percent to 11,015.84 points. This is reportedly the
biggest loss in a single trading session since 1991.
Singapore's Straits Times declined 8.33 percent to
1,600.28 points.
Further, Chinese stocks too nosedived 6.32 percent to
1,723.35 points, reportedly the lowest close since September
2006.
Meanwhile, the G-7 nations warned that strengthening Yen
is a threat to the economic stability and promised coordinated
efforts to arrest the currency's rising value.
In the Asia-Pacific region, another victim of the
oscillating fortunes was the Philippines market. The benchmark
Philippine S.E. I.D.X. tumbled 12.27 percent to 1,713.83,
after one of the nation's biggest banks, Banco de Oro Unibank,
recorded a hefty loss of 1.3 billion Pesos (over 26 million
dollars) for the second quarter.
On the other hand, U.K.'s F.T.S.E. 100 plunged 4.68
percent to 3,701.50 points while France's Cac 40 dropped 6.24
percent to 2,994.56 points. Germany's Dax fell 4.30 percent to
4,110.84 points.
Moreover, American markets are expected to track the
trend in Asian and European bourses when they open later in
the day.
On Friday, all the three major indices -- Dow Jones
Industrial Average, S&P 500 and Nasdaq Composite Index, were
down more than three percent. PTI R.A.M.
RKM
