Tuesday, September 16, 2008

Heavy Losses Overnight; BOJ Injects Funds

Asian stock markets sustained heavy losses overnight.

Japanese and South Korean exchanges  dropped 4.95% and 6.1% respectively. These exchanges were closed Monday for a holiday.In Tokyo, the Nikkei 225 Stock Average ended at 11609.72, a three-year low. Exporter stocks were hurt by the rising yen, while banking stocks were also hard-hit. Mizuho Financial Group went limit-down while Aozora Bank tumbled 16% on its relatively large exposure to Lehman, while Tokio Marine Holdings ended down 13%.

Meanwhile, the Bank of Japan injected ¥2.5 trillion into Japanese money markets Tuesday and said it would work to ensure stability in the market.

In Korea, the Kospi Composite ending down 6.1% at 1387.75, its lowest close since March 2007.

Hong Kong's Hang Seng tumbled 5.4% to 18300.61 amid weakness in China-related shares. The mainland's Shanghai Composite Index, which tracks both Class A and Class B shares, ended down 4.5% at 1986.64, despite Monday's surprise interest rate cut.

-EPJ Newsdesk

No comments:

Post a Comment