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Asian stocks tumble
May 7, 2010
-- PHOTO: REUTERS
HONG KONG - A WAVE of panic selling engulfed Asian markets on Friday, after US shares saw a record intraday fall on deepening fears that Greece's debt crisis would spread through Europe.
The Bank of Japan on Friday offered to provide over US$20 billion (S$27.8 billion) in liquidity to financial institutions as Tokyo stocks tumbled more than four per cent at one point, their second successive sharp fall.
Seoul plunged 2.97 per cent and Sydney dived 2.8 per cent after world markets dropped on statements from European Central Bank President Jean-Claude Trichet that offered no sign of intervention to stop the euro's slide. The euro fell to US$1.2631 from US$1.2644 in New York late on Thursday, where the unit at one point hit 1.2523, its lowest since March 2009.
Markets have been spooked by violent demonstrations in Athens this week where three people were killed in a bank firebombing, amid growing fears a 110 billion euro (S$197 billion) EU-IMF bailout for Greece could prove insufficient. Concerns are also mounting that the deal will fail to shield Spain and Portugal from crippling market pressures.
The region's traders took their cue from a record drop of almost 1,000 points on the Dow Jones Industrial Average before it recouped more than half those losses on Thursday. The drop eclipsed even the crashes seen when markets reopened after September 11, 2001 and in the wake of the Lehman Brothers collapse.
The Dow later recovered, closing nearly four per cent down, but spooked traders were left wondering whether a glitch had caused the blue-chip index to erode three months of solid gains.
TOKYO
Japan's key Nikkei stock index closed down 3.10 per cent at 10,364.59 points on Friday, the second consecutive day of sharp declines after Wall Street saw a record drop over the Greek debt crisis.
HONG KONG
Hong Kong shares fell 1.06 per cent on Friday, in line with world markets on growing concern that Greece?s debt crisis will spread and hurt the global recovery.
The benchmark Hang Seng Index was down 213.12 points at 19,920.29. Turnover was 90.36 billion Hong Kong dollars (S$16.2 billion).
SHANGHAI
Chinese shares closed 1.87 per cent lower, with banks and metal stocks leading the decline on worries over Beijing?s plans to rein in lending, dealers said.
The Shanghai Composite Index, which covers both A and B shares, was down 51.32 points at 2,688.38 on turnover of 108.5 billion yuan (S$22.1 billion).
The key index is at its lowest level since September 1, 2009, when it closed at 2,683.72. The market shed about six percent in the past week.
KUALA LUMPUR
Share prices on Bursa Malaysia ended lower on Friday but mild bargain-hunting in selected bluechips saw the key index closing a shade higher, dealers said.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) recovered to close 1.02 points higher at 1,332.89 after opening 13.16 points lower at 1,318.71. The FBM Emas Index declined 4.86 points to 8,938.73, the FBM70 fell 13.56 points to 8,726.99 and the FBM Ace Index erased 45.92 points to 3,939.43.
Decliners outpaced advancers 522 to 205 while 234 counters were unchanged, 406 untraded and 26 others were suspended.
Turnover rose to 938.328 million shares, worth RM1.814 billion (S$775.4 million) , compared with yesterday?s 899.053 million shares valued at RM1.578 billion. -- AFP, BERNAMA
May 7, 2010
-- PHOTO: REUTERS
HONG KONG - A WAVE of panic selling engulfed Asian markets on Friday, after US shares saw a record intraday fall on deepening fears that Greece's debt crisis would spread through Europe.
The Bank of Japan on Friday offered to provide over US$20 billion (S$27.8 billion) in liquidity to financial institutions as Tokyo stocks tumbled more than four per cent at one point, their second successive sharp fall.
Seoul plunged 2.97 per cent and Sydney dived 2.8 per cent after world markets dropped on statements from European Central Bank President Jean-Claude Trichet that offered no sign of intervention to stop the euro's slide. The euro fell to US$1.2631 from US$1.2644 in New York late on Thursday, where the unit at one point hit 1.2523, its lowest since March 2009.
Markets have been spooked by violent demonstrations in Athens this week where three people were killed in a bank firebombing, amid growing fears a 110 billion euro (S$197 billion) EU-IMF bailout for Greece could prove insufficient. Concerns are also mounting that the deal will fail to shield Spain and Portugal from crippling market pressures.
The region's traders took their cue from a record drop of almost 1,000 points on the Dow Jones Industrial Average before it recouped more than half those losses on Thursday. The drop eclipsed even the crashes seen when markets reopened after September 11, 2001 and in the wake of the Lehman Brothers collapse.
The Dow later recovered, closing nearly four per cent down, but spooked traders were left wondering whether a glitch had caused the blue-chip index to erode three months of solid gains.
TOKYO
Japan's key Nikkei stock index closed down 3.10 per cent at 10,364.59 points on Friday, the second consecutive day of sharp declines after Wall Street saw a record drop over the Greek debt crisis.
HONG KONG
Hong Kong shares fell 1.06 per cent on Friday, in line with world markets on growing concern that Greece?s debt crisis will spread and hurt the global recovery.
The benchmark Hang Seng Index was down 213.12 points at 19,920.29. Turnover was 90.36 billion Hong Kong dollars (S$16.2 billion).
SHANGHAI
Chinese shares closed 1.87 per cent lower, with banks and metal stocks leading the decline on worries over Beijing?s plans to rein in lending, dealers said.
The Shanghai Composite Index, which covers both A and B shares, was down 51.32 points at 2,688.38 on turnover of 108.5 billion yuan (S$22.1 billion).
The key index is at its lowest level since September 1, 2009, when it closed at 2,683.72. The market shed about six percent in the past week.
KUALA LUMPUR
Share prices on Bursa Malaysia ended lower on Friday but mild bargain-hunting in selected bluechips saw the key index closing a shade higher, dealers said.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) recovered to close 1.02 points higher at 1,332.89 after opening 13.16 points lower at 1,318.71. The FBM Emas Index declined 4.86 points to 8,938.73, the FBM70 fell 13.56 points to 8,726.99 and the FBM Ace Index erased 45.92 points to 3,939.43.
Decliners outpaced advancers 522 to 205 while 234 counters were unchanged, 406 untraded and 26 others were suspended.
Turnover rose to 938.328 million shares, worth RM1.814 billion (S$775.4 million) , compared with yesterday?s 899.053 million shares valued at RM1.578 billion. -- AFP, BERNAMA
