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Nov 27, 2009
World stocks drop
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The falls in Asia followed steep declines in Europe and the Middle East. -- PHOTO: AP
<!-- story content : start --> LONDON - GLOBAL stock markets dropped for a second day running on Friday over investor alarm about the potential for a widespread default after Dubai's shock demand to suspend the debt of a key state company. Asian indices suffered massive falls, with Hong Kong's Hang Seng Index slumping almost five per cent by the close. Tokyo dived 3.22 per cent, hit also by the yen striking a fresh 14-year high point against the dollar, which is bad for Japanese exporters. Shortly after the start of European trading, London's benchmark FTSE 100 index was down 0.36 per cent at 5,175.44 points, one day after falling by its sharpest amount since March. Frankfurt's DAX 30 shed 0.56 per cent to 5,582.50 points and in Paris the CAC 40 lost 0.51 per cent to 3,660.68. The losses came after Europe's major stock markets had plunged by more than three per cent on Thursday after Dubai's shock call to suspend the debt of a key state company fuelled anxiety over heavy public borrowing. The continued widespread selling came as investors 'headed for the exit door' after the Dubai government's investment vehicle Dubai World sought to suspend debt payments for six months, IG Markets analyst Ben Potter said.
TOKYO
Tokyo shares slumped 3.22 per cent on Friday after a rout on global stock markets sparked by fears of a debt default by Dubai, and as the yen hit a fresh 14-year high against the dollar.The benchmark Nikkei index shed 301.72 points to 9,081.52. The broader Topix index of all first-section shares lost 18.55 points, or 2.24 per cent, to 811.01.
HONG KONG
Hong Kong shares tumbled almost five per cent on Friday as investors were spooked after Dubai asked for a debt repayment delay for a key state-owned firm. The benchmark Hang Seng Index fell 1,075.91 points, or 4.84 per cent, to 21,134.50 on turnover worth HK$107.51 billion (S$19.21 billion).
SHANGHAI
Chinese shares closed down 2.36 per cent on Friday, as investors remained worried that Beijing may tighten its monetary policy as the economy shows signs of recovery, dealers said. The Shanghai Composite Index, which covers both A and B shares, was down 74.72 points at 3,096.27 on turnover of 172.0 billion yuan (S$35.97 billion). The Shanghai A-share index fell 78.34 points, or 2.36 per cent, to 3,247.76 on turnover of 171.1 billion yuan, while the Shenzhen A-share index lost 35.58 points, or 2.89 per cent, to 1,194.53 on turnover of 115.1 billion yuan.
AFP
Home > Breaking News > Money > Story
Nov 27, 2009
World stocks drop
<!-- end left side bar -->
The falls in Asia followed steep declines in Europe and the Middle East. -- PHOTO: AP
<!-- story content : start --> LONDON - GLOBAL stock markets dropped for a second day running on Friday over investor alarm about the potential for a widespread default after Dubai's shock demand to suspend the debt of a key state company. Asian indices suffered massive falls, with Hong Kong's Hang Seng Index slumping almost five per cent by the close. Tokyo dived 3.22 per cent, hit also by the yen striking a fresh 14-year high point against the dollar, which is bad for Japanese exporters. Shortly after the start of European trading, London's benchmark FTSE 100 index was down 0.36 per cent at 5,175.44 points, one day after falling by its sharpest amount since March. Frankfurt's DAX 30 shed 0.56 per cent to 5,582.50 points and in Paris the CAC 40 lost 0.51 per cent to 3,660.68. The losses came after Europe's major stock markets had plunged by more than three per cent on Thursday after Dubai's shock call to suspend the debt of a key state company fuelled anxiety over heavy public borrowing. The continued widespread selling came as investors 'headed for the exit door' after the Dubai government's investment vehicle Dubai World sought to suspend debt payments for six months, IG Markets analyst Ben Potter said.
TOKYO
Tokyo shares slumped 3.22 per cent on Friday after a rout on global stock markets sparked by fears of a debt default by Dubai, and as the yen hit a fresh 14-year high against the dollar.The benchmark Nikkei index shed 301.72 points to 9,081.52. The broader Topix index of all first-section shares lost 18.55 points, or 2.24 per cent, to 811.01.
HONG KONG
Hong Kong shares tumbled almost five per cent on Friday as investors were spooked after Dubai asked for a debt repayment delay for a key state-owned firm. The benchmark Hang Seng Index fell 1,075.91 points, or 4.84 per cent, to 21,134.50 on turnover worth HK$107.51 billion (S$19.21 billion).
SHANGHAI
Chinese shares closed down 2.36 per cent on Friday, as investors remained worried that Beijing may tighten its monetary policy as the economy shows signs of recovery, dealers said. The Shanghai Composite Index, which covers both A and B shares, was down 74.72 points at 3,096.27 on turnover of 172.0 billion yuan (S$35.97 billion). The Shanghai A-share index fell 78.34 points, or 2.36 per cent, to 3,247.76 on turnover of 171.1 billion yuan, while the Shenzhen A-share index lost 35.58 points, or 2.89 per cent, to 1,194.53 on turnover of 115.1 billion yuan.
AFP
