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Asian Stocks Take a Dive

Prices plunge in response to US subprime mortgage crisis

By Sam Gale Rosen,  Newser Staff

Posted Jul 27, 2007 7:52 AM CDT
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(Newser) – Share prices plummeted throughout Asia  today in response to the yesterday's sell-off on Wall Street and the escalating crisis in the US housing market. After the 300-point plunge in the U.S., the Tokyo Market closed at a three-month-low, and markets in Seoul, Hong Kong, and Sydney also took serious hits. The market in Shanghai escaped relatively unscathed, buoyed by strong corporate earnings.

Tokyo trouble's were compounded by a strengthening yen—weakening exports—and political uncertainty leading up to elections. The dollar leveled off in Tokyo by the close of the market, however, slowing the free-fall. Still, market mavens are nervous. "We are not out of the woods yet," says the director of Merrill Lynch in Mumbai.

The board at the Australian stock exchange is watched by interested people Friday, July 27, 2007. Australian stocks tumbled more than 2 percent in early trading Friday in the wake of a sharp drop overnight in the U.S. market. (AP Photo/Rick Rycroft)
The board at the Australian stock exchange is watched by interested people Friday, July 27, 2007. Australian stocks tumbled more than 2 percent in early trading Friday in the wake of a sharp drop overnight...   (Associated Press)
A woman looks at a stock price board in front of a Tokyo brokerage as Japanese stocks fell Wednesday, July 25, 2007, following a sharp drop on Wall Street overnight and as lower crude prices led to a sell-off among oil companies like Nippon Oil. The Nikkei 225 index shed...
A woman looks at a stock price board in front of a Tokyo brokerage as Japanese stocks fell Wednesday, July 25, 2007, following a sharp drop on Wall Street overnight and as lower crude prices led to a...   (Associated Press)
An employee of a stock brokerage firm reacts during a trading session in Mumbai, India, Friday, July 27, 2007. Asian markets tumbled Friday in the wake of one of Wall Street's biggest losses of the year, with Japanese stocks also taking a hit on the yen's recent strength and uncertainty...
An employee of a stock brokerage firm reacts during a trading session in Mumbai, India, Friday, July 27, 2007. Asian markets tumbled Friday in the wake of one of Wall Street's biggest losses of the year,...   (Associated Press)
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stock market • Seoul • Asia • housing market • Hong Kong • stocks • Merrill Lynch • Tokyo • Mumbai

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