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Asian Stocks Continue Plunge

Stocks tumble for second straight day

By Rob Quinn,  Newser Staff

Posted Jan 22, 2008 3:25 AM CST
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(Newser) – Jitters over the US economy led to a major sell-off in Asian markets for the second straight day, with Australia's benchmark index closing down 7.1%—the biggest single-day loss in nearly 20 years. India's Sensex index skidded 10%, triggering a shutdown, but rallied to close down 4.6%. Japan's Nikkei and the broader Topix index finished 5.7% lower, and Hong Kong's Hang Seng index slumped 8.7% the day after global indexes suffered their biggest plunge since 9/11.

"It doesn't look good at all. We expected it to fall, but nobody expected this kind of correction," said a trader in India. Fearful investors are worried about the impact a possible US recession could have on Asia's export-driven economies. Many analysts believe President Bush's measures to boost the economy are too little, too late.

A man looks at the electronic display board in downtown Hong Kong as the city's benchmark Hang Seng Index drops 1,383.01 points, or 5.49 percent, to 23,818.86 Monday, Jan. 21, 2008.( AP Photo/Lo Sai Hung )
A man looks at the electronic display board in downtown Hong Kong as the city's benchmark Hang Seng Index drops 1,383.01 points, or 5.49 percent, to 23,818.86 Monday, Jan. 21, 2008.( AP Photo/Lo Sai Hung...   (Associated Press)
An investor sleeps in a brokerage firm in Hong Kong as the city's benchmark Hang Seng Index drops 1,383.01 points, or 5.49 percent, to 23,818.86 Monday, Jan. 21, 2008. ( AP Photo/Lo Sai Hung )
An investor sleeps in a brokerage firm in Hong Kong as the city's benchmark Hang Seng Index drops 1,383.01 points, or 5.49 percent, to 23,818.86 Monday, Jan. 21, 2008. ( AP Photo/Lo Sai Hung )   (Associated Press)
Pedestrians are reflected on the electronic market board in Tokyo Monday, Jan. 21, 2008. The Nikkei 225 index shed 535.35 points, or 3.86 percent, to close at 13,325.94 points on the Tokyo Stock Exchange, tracking declines on Wall Street and around Asia, on worries that the...
Pedestrians are reflected on the electronic market board in Tokyo Monday, Jan. 21, 2008. The Nikkei 225 index shed 535.35 points, or 3.86 percent, to close at 13,325.94 points on the Tokyo Stock Exchange,...   (Associated Press)
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Recession fears pummel markets
Associated Press

Hang Seng's biggest fall since 9/11
Reuters

Skepticism over Bush's rescue package
Chicago Tribune

Money • World

 
Japan • Federal Reserve • Hong Kong • Nikkei • Hang Seng • Asian markets • Asian stocks • Japanese economy • George W. Bush

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