Posted tagged ‘Nikkei’

Asian Markets Plunge Early Friday Morning

October 10, 2008

A sell-off on Wall Street and escalating fears of a global recession have sent Asian stocks plunging this morning, with Japan‘s benchmark index falling more than 10 percent.

From the Associated Press:

“Selling is unstoppable in New York and Tokyo,” said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd. in Tokyo. “Investors were gripped by fear.”

Markets in Hong Kong, Australia, South Korea, Thailand and the Philippines were all down more than 7 percent. Shanghai’s index was down 3.8 percent.

Indonesian authorities suspended trading indefinitely on the Jakarta Stock Exchange after they had halted trading Wednesday when the index plunged more than 21 percent over three days earlier this week.

In Tokyo, the gut-wrenching drama left individual investors shellshocked.

Kenji Akasaka, 69, president of a local printing company, said he had never seen it this bad in the 40 years he has traded stocks. He said he invests mainly in blue-chips including Toyota Motor Corp. and Nintendo Co.

“I pray before I go to bed that the Dow will recover,” said Akasaka, 69, as he scanned a monitor displaying the latest market levels. “I get sleepless, thinking about losses.”

Japan’s benchmark Nikkei 225 stock average plummeted 10.3 percent to 8,217.50 in early afternoon trading and appeared headed for its second biggest one-day loss ever. The Tokyo bourse and the Osaka Securities Exchange briefly suspended some futures and options trading during the morning.