| |
TOKYO : Asian stocks reeled from another huge sell-off Friday with Tokyo plunging by the most in over seven years as panicky investors dumped shares to escape the snowballing credit crisis.
Heavy selling on Asia's largest bourse quickly spread across the entire region with major markets down more than five percent as investors scrambled to exit the market fearing further heavy losses.
Japanese share prices closed with a massive 5.42 percent loss, suffering the biggest one-day point drop since April 2000.
Around Asia, stock markets also plunged as investors remained extremely nervous that more bad news might emerge from US credit markets.
For Asian markets the main worry is that foreign investment funds will be forced to further offload shares to cover losses in securities backed by US sub-prime mortgages to risky borrowers, or to stash funds in more stable bonds.
Hong Kong share prices were down 6.0 percent in afternoon trade before rebounding to close 1.4 percent lower.
Singapore tumbled more than 5.0 percent as investors fretted that problems in the US mortgage sector could spark a full-blown credit crunch.
It also bounced back on bargain hunting and ended 0.68 percent lower.
Seoul closed down 3.1 percent, Shanghai finished down 2.28 percent, Mumbai was off 1.5 percent, Kuala Lumpur fell 1.3 percent, Manila ended two percent lower, Sydney was down 0.70 percent and Wellington was off 1.63 percent.
Only Bangkok bucked the trend with a 1.03 percent amid hopes voters will support a new constitution at Sunday's referendum.
Jakarta was closed for a public holiday. - AFP/ch
|
