09/16/2008, 00.00
Send to a friend

Asian stock markets sink in Lehman crises

All of the stock exchanges are negative some down by 6%. Tokyo and Beijing attempt to stabilise the markets by releasing millions of Yen or reducing interest rates. “We are in the midst of a crisis”.

Hong Kong (AsiaNews) – Asian markets are in free fall as fears increase of a global financial crisis in the wake of the Lehman Brothers bankruptcy and the takeover of Merril Lynch.

By mid-afternoon trading, Hong Kong's index shed 5.9%; in Tokyo, the Nikkei index was down 5.3%. Both markets were closed yesterday for the autumn holiday, delaying the backlash of the American crisis by one day.

Throughout Asian markets are in the red: the Shanghai index is down by 3.2 its lowest point in 21 months; Seoul is down 5.4%; Taipei 4.7.

Japan’s central bank has injected 2500 billion Yen (circa 17 billion Euros) onto the market in the hopes of creating some financial stability; China’s central bank yesterday lowered interest rates and reduced the amount of reserves demanded from banks.

Bangkok and the Philippines are also in tilt, where markets yesterday registered a low of 4%.  Jakarta opened on minus 6.5% and Singapore, by mid afternoon, was down by 2.2%.

So far the Indian market index has lost 5.4%; with markets in the Middle East also registering losses.

The problems are only beginning it seems. “'We're in the middle of a crisis” comments YK Chan of Phillip Asset Management Hong Kong.


Send to a friend
Printable version
See also
Asian markets fall after “tidal wave” of Lehman Brothers bankruptcy
Asian markets down: the recession eclipses the “Obama phenomenon”
Inflationary policies threaten to create another economic bubble
Asian markets in net recovery, hopes for American plan
As the world waits for hyperinflation and a world government, Bernanke becomes “Person of the Year


Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”