Monday, October 27, 2008

Asian markets resume their free fall

While in Hong Kong, the Hang Seng Index fell 1602 points, or 12.7 per cent, to close at 11015.84. year low, while Hong Kong's Hang Seng plunged 13%. year low. Hong Kong's Hang Seng index was down 8.8 per cent in afternoon trade. The Hang Seng fell more than 12 percent and stocks in mainland China fell 7 percent on profit concerns. Worldwide equities tumbled, with the Hang Seng in Hong Kong closing with a 12.7% decline and with the FTSE 100 down 3% in London. �� The Hang Seng Index closed at 11015.84 on Monday, down 1602.54 points or 12.7 per cent. Hong Kong’s Hang Seng slumped 12.7% as shares in heavyweights such as HSBC registered dramatic losses of nearly 15%. The Hang Seng index closed down 1602.54 points or 12.7 pct at 11015.84, off a low of 10676.29 and high of 12736.85. The Hang Seng was off 12.2% overnight. Europe is running off 6%. The US is likely to open with another large drop. The Hang Seng was off 12.2% to 11.080. The Shanghia Composite was off 6.3% to 1723. Douglas A. McIntyre is an editor at 24/7 Wall St. In Hong Kong, the Hang Seng index fell 4.7%, while the S&P/ASX 200 index in Australia fell 1.4%. The Hang Seng index was down 3.7% at 12147. Shanghai Index was down 3.6% at 1773. The Nikkei 225 Index was up 0.8% at 7709.

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