Published on Thu, Nov 08, 2007 at 13:40 | Source : Moneycontrol.com
Updated at Thu, Nov 08, 2007 at 14:05
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Bloodbath in Asia; Shanghai Comp ends down 5%
The Asian markets have seen a sharp fall with Shanghai Composite down nearly 5%, Taiwan Weighted down 4%, Hang Seng was down 3% Jakarta Composite & Nikkie each down 2%.
The Asian markets have seen a sharp fall with Shanghai Composite down nearly 5%, Taiwan Weighted down 4%, Hang Seng was down 3% Jakarta Composite & Nikkie each down 2%.
The global jitters occurred with US markets plunging after NY attorney general expanded mortgage probe. Yesterday Dow Jones was down 360.92 at 13300; Nasdaq down 76.42 at 2748.76. The financial sector was hit the most; down 5.1% amid renewed credit market concerns.
Taking cues from Asia Europe opened down over 1%, CAC down over 1.6%, FTSE was 1.2%.
Indian markets have relatively outperformed the Asian peers as they are more dependent on exports to US. Sensex is down 1.2%
The other concerns for markets are rising crude oil prices nearing to USD 100 and the weakening dollar. Crude oil was down over 1% to $95.6/bbl; after surpassing USD 98/bbl during the day.
