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    » 05/17/2010, 00.00

    ASIA

    Asian markets fall sharply, Shanghai loses 5 per cent, reaching lowest point of the year



    All indexes are down: Tokyo (–2.17 per cent), Hong Kong (–2.14 per cent), Kuala Lumpur (–2.06 per cent), Seoul (–2.6 per cent), Singapore (–0.75 per cent) and Bangkok (–2.5 per cent). In Thailand, the country’s political crisis is an additional burden. Fear over Europe undermines confidence in the EU rescue package, seen as inadequate to avoid contagion, putting other countries are risk like Greece.
    Shanghai (AsiaNews/Agencies) – Shanghai stocks took a plunge today, dragging the rest of Asia. The Shanghai Composite Index lost 5.07 per cent. On Japan, the Nikkei index lost 2.17 per cent. Similarly, Hong Kong tumbled with its benchmark Hang Seng Index losing 2.14 per cent. Bursa Malaysia ended the morning session down (- 2.06 per cent). Thai shares fell 2.5 per cent amid an escalating domestic political crisis. South Korea’s Kospi dropped 2.6 per cent, whilst Singapore kept losses at a minimum (-0.75 per cent).

    Banks and real estate companies led the decline in China as new, more restrictive government measures came into effect. However, investors across Asia took the cue from the downtrend on Wall Street on Friday, and signs of crisis in the Euro zone.

    “The European debt problem will impact the (pace of) economic recovery. It's not just Greece; all European countries will have to work hard to reduce deficits,” Andrew Teng, Assistant Vice President at Taiwan International Securities, said,

    What is more, “It's not just the problem of Greece's debt burdening the euro, but also the lingering fears of wider contagion," said Hideaki Inoue, chief manager of foreign exchange and financial products trading at Mitsubishi Trust and Banking Corporation.

    Markets have thus confirmed doubts among Asia investors that the European Union’s € 720 billion fund will not be enough to stop the crisis from spreading.

    After dealing a knockout blow to the Greek economy, the crisis could in effect affect other economies in the near future.

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    See also

    10/09/2008 CHINA
    Lies no more, China’s economy in crisis
    The Shanghai stock exchange is in a free fall. Some 67,000 companies have gone belly up. Foreign companies are rushing to leave. Real estate and the banking sector are going under. An economic analyst shows the emptiness behind the images of power. In Mao’s time people died of hunger; today they die of bankruptcy.

    28/12/2010 ASIA
    Asian stocks fall. Concerns over the dollar and China
    Hong Kong and Shanghai down 0.9%. Drop in bank securities and real estate titles as fears of a speculative bubble mount. Dollar down, oil up.

    14/11/2008 ASIA
    Asian markets recover as G20 gets under way
    Gains in almost all markets except Mumbay. Expectations ahead of today’s gathering in Washington.

    26/08/2015 CHINA
    Chinese stock markets continue slide despite cut in interest rates. Search on for “who to blame”
    Shanghai is at minus 1.1. Fears mount over knock on effect on India, Africa, Europe and America. The bursting of China’s speculative bubble was long overdue. It will especially hit Brazil, USA, oil countries, large exporters to China. The global economy is in crisis.

    19/08/2009 CHINA
    Chinese shares drop as investors wonder about the soundness of China’s banking system
    Shanghai loses 4.3 per cent today, 20 per cent in the last two weeks. Analysts expect a further drop of 10 per cent. Investors fear banks might have fuelled a speculative bubble that is now ready to burst with major dangers for the sector’s liquidity.



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