Equity Alert: Asian mkts sharply down tailing US; financials slide
MUMBAI--8:30AM--Key Asian markets were trading sharply lower today
tracking
US shares on worries over the health of global financial markets.
Bank of Japan reportedly injected $14.4 bln into the financial
system, while
China cut interest rates for the first time in six years.
The fall was more pronounced in markets of Japan, South Korea, and
Hong
Kong, as they reopened after Monday's holiday.
Bank shares in Japan declined on concerns over their exposure to
Lehman
Brothers. Mitsubishi UFJ Financial Group and Mizuho Financial Group
fell over
9% each.
Japanese exporters such as Canon and Toyota Motor Corp also
suffered on
account of a stronger yen.
Other financial laggards included Singapore's DBS Group Holdings,
down 3%.
Commodity shares also declined on weak crude oil and metal prices.
.
Index Last level Change in %
South Korea's Kospi 1389.43 (-)6.0
Hong Kong's Hang Seng 18209.06 (-)5.9
Japan's Nikkei 11596.09 (-)5.1
Taiwan's Taiex 5750.68 (-)5.0
Singapore's Straits Times 2425.31 (-)2.5
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