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Asia: Nikkei plunges nearly 10% to 5-year low
Mon, 01 Dec, 2008
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Asia: Nikkei plunges nearly 10% to 5-year low
Fri, 10 Oct 2008, 06:42:00
The Nikkei suffered a colossal decline Friday with the benchmark marking its seventh day of consecutive losses amid concern about a global recession. <br /><br />The benchmark Nikkei 225 sank 881 points to 8,276, its lowest close since May 2003. Earlier in the session the index had plummeted over 1,000 points.<br /><br />Tech stocks were some of the worst performers with shares in <b>TDK Corp</b> and <b>Kyocera Corp</b> both down over 13%. <br /><br />Among financials <b>Mitsubishi UFJ Financial</b> slumped nearly 9% on news that Moody's Investors Service could cut Morgan Stanley's credit rating. The group is in talks to buy a stake in Morgan Stanley. <b>Sumitomo Mitsui Financial</b> also fell. <br /><br />Declines were felt across the board with shares in <b>Fast Retailing</b> plummeting over 10%. <b>Canon</b> fell nearly 7%, <b>Sony</b> 5% and <b>Softbank</b> by over 11%.<br /><br />Real estate came under pressure with shares in <b>Mitsubishi Estate</b> down over 9% and <b>Mitsui Fudosan</b> off over 8% after real-estate investment trust <b>New City Residence</b> filed for bankruptcy. <br /><br />Meanwhile news that <b>Yamato Life Insurance</b> had also filed for bankruptcy protection from creditors panicked investors. <br /><br />As the financial markets plunge G7 officials are to meet today and tomorrow in Washington to discuss the ongoing crisis. <br /><br />The Hang Seng plunged well over 1,000 points as fears about the financial crisis gripped markets across Asia. <br /><br />Hong Kong's Hang Seng closed down 1,146 points at 14,796.<br /><br />A massive sell-off on Wall Street overnight set the tone for Friday's trading, with investors offloading shares particularly in the financial and energy sectors. <br /><br />Financials such as <b>HSBC</b>, <b>China Construction Bank</b> and <b>ICBC</b> all suffered hefty declines as fears about a global recession intensify.<br /><br /><b>PetroChina</b> and <b>Cnooc</b> fell as crude oil closed at a 1-year low overnight.
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