Oct

6

Asian Markets Plunge as Financial Crisis Spreads

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Stock markets across Asia dived Monday with major indexes plunging 4% or more in a wave of selling driven by a global credit financial crisis.

In Tokyo, the Nikkei 225 Average closed at 4.3% lower at 10473.09, the lowest since February 2004. Japanese stocks sank for a third session, leading shares of Mitsubishi UFJ Financial to fall by 9% while those of Sony Corp hit the lowest in more than five years.

In China too stocks plunged sharply as the markets opened after a week-long National holidays. In keeping with the southward trend of the rest of the region, the Shanghai composite plunged by 5.2% to 2173.74 while the Shenzan All Share Index slipped by 3.8% to 590.91.

this downward trend dragged along China-related stocks in Hong Kong too as the Hang Seng China Enterprises Index fell by 6.6% to end at 8416.90 while the Hang Seng Index slid by 5% to close at 16803.76, the lowest in over two years. Jakarta stocks, on the other hand dived by whopping 10% amid fears of a raging financial crisis across the globe. India’s Sensex too dropped by 5.4% to 11855.72, thus falling below the 12000 point mark for the first time since September 2006.