Asian Markets Whomped |
| TheStreet.com - Jan 21, 2008 |
India's main index tumbled 7.4% Monday, after other Asian markets hemorrhaged into the red. The heavy, region-wide selling was triggered by indices in China and Hong Kong tumbling through key technical support levels.
The Bombay Sensitive Index plunged 1408 points, to 17,605, after recovering from as much as a 10% drop earlier in the day.
In China, the Shanghai Composite Index dived 266 points, or 5.1%, to 4914, while the Hang Seng plummeted 1383 points, or 5.5%, to 23,818, falling through the key 24,200-level and ending only 400 points away from the 23,400 benchmark that many agree puts the index officially in a bear market.
In Japan, the Nikkei slid 535 points, or 3.9%, to 13,325 points. The yen rose to 106.08 vs. dollar, its strongest level in four months, after investors unwound carry trade positions on fears that the $145 billion economic stimulus package in the U.S. may not be enough to curb a recession.
Read Full Article from TheStreet.com
- Posted: 2008-01-21 08:55:24
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