| Business | October 17, 2008 11:29 AM EST |
| Asian markets see record-breaking declines |
| By Luisana Suegart from Markets.com |
Markets in Asia took a nose dive on Friday, reaching record-breaking lows and strengthening fears of a global recession.
The MSCI Asia Pacific Index lost 6.4 percent, for a weekly decline of 17 percent. In total, the MSCI has plunged 45 percent this year.
Japan’s Nikkei Exchange fell 9.6 percent by closing time, making for its biggest loss since the crash of October 1987. It was the worst week in the history of the exchange, which fell 24 percent since Friday’s closing, despite Japan’s ongoing efforts to provide relief to its financial system; the Bank of Japan released $45 billion into its banks.
Hong Kong’s Hang Seng Index lost 16 percent of its value this week, as it fell 7.2 percent by Friday’s closing time. The week’s plunge is the worst the index has seen in 10 years. Thailand’s SET Index dropped 10 percent, forcing trading to be suspended for 30 minutes.
South Korea’s KOSPI Index saw a 4.3 percent loss for the day; Taiwan’s markets were closed for a holiday.
Global equities this week have seen a $6 trillion loss, despite benchmark rate cuts made by central banks in the U.S., Europe and Asia. A report by the Associated Press suggests that experts blame fear for the continual plunge.
“Selling in unstoppable in New York and Tokyo,” Yukata Miura, a senior strategist at Shinko Securities Co. Ltd. In Tokyo told the AP. “Investors were gripped by fear.”
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