Region's falls as bad as 9/11 aftermath By Andrew Wood in Hong Kong and Mariko Sanchanta in Tokyo
Friday, August 17, 2007
Asian stocks suffered some of their worst intra-day falls this year, with some markets faring as badly as in the days following the September 2001 terrorist attacks.
Nearly all of this year's gains on the MSCI Asia- Pacific index have now been wiped out by recent declines. The index slid 2.8 per cent on Thursday alone.
Seoul led the way lower as investors returned from Wednesday's holiday in bearish mood.
The benchmark Kospi stock index fell as much as 7.5 per cent before closing 6.9 per cent lower at 1,691.98, its worst one-day performance for five years.
Techs also led Taipei lower as the weighted index shed 4.6 per cent to 8,201.37, its lowest for 2? months. Electronics manufacturer Hon Hai Precision fell 6.7 per cent to T$244.50.
Singapore suffered its worst day for six years as the Straits Times index fell 3.7 per cent to 3,152.16.
In Hong Kong, the Hang Seng index fell 3.3 per cent to 20.672.39. China Enterprise stocks, or H shares, tumbled 5.2 per cent, the biggest one-day decline for 15 months.
Banking giant HSBC fell 1.3 per cent to a five-month low of HK$136.10.
Even Shanghai, which has been largely immune to the recent equity sell-off, came under fire.
The Shanghai Composite index closed 2.1 per cent lower at 4,765.45.
The smaller markets in region fell back in step. In Jakarta, the composite Index tumbled 6.7 per cent to 1,893.94, while the Manila composite shed 6 per cent to end at 2,942.31.
Thai stocks fell 3 per cent and Kuala Lumpur's composite index eased 3.5 per cent.
Australian shares showed some resilience as an early decline of more than 5 per cent was pared by the close of play.
The S&P/ASX 200 index finally settled 1.3 per cent lower at 5,711.50.
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