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lovuian Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 02:35 AM
Original message
India stock markets halt trading
http://news.bbc.co.uk/2/hi/business/5003640.stm

Trading has been suspended in India's Bombay Stock Exchange after share prices fell 10%, its biggest ever drop.
The benchmark 30-share Sensex index tumbled by more than 1,000 points amid heavy selling by both domestic and foreign funds.

It is the first time in three months that the Sensex has fallen below the 10,000 point mark.

Last Thursday, shares on the Bombay Stock Exchange suffered their biggest one-day fall in value in its history.

more...
Something Big has the markets all over very skittish. This is not good!!!
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radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 02:45 AM
Response to Original message
1. wouldn't be surprised
if we see some 'aftershocks' rocking Wall Street today

yes, something BIG is going on, don't know what - but I don't think it can be attributed to the Lemming Syndrome
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radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 02:45 AM
Response to Original message
2. wouldn't be surprised
if we see some 'aftershocks' rocking Wall Street today

yes, something BIG is going on, don't know what - but I don't think it can be attributed to the Lemming Syndrome
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 02:50 AM
Response to Original message
3. India believes it could be mutual funds dealers are staying away
"If the market sentiment turns worse, one could see redemption which means fund managers have to maintain adequate cash levels in order to aver selling in falling markets, if at all" a fund manager with a leading fund house said.


A large part of fund managers are value cautious players while markets currently are driven by momentum players who bet on market direction, not worrying as much about valuations.

"It takes very little money to move the market in either direction when the market is driven by momentum players," said Abhay Aima, country head -- private banking, HDFC Bank. That explains the precipitous fall on Thursday, Aima added.


http://www.demaz.org/cgi-bin/e-cms/vis/vis.pl?s=001&p=0...
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 03:00 AM
Response to Original message
4. Its back up now, but they are giving assurances about banks remaining open
New Delhi, May 22: The country's key stock market index crashed for the third consecutive session, shedding 1100 points and pushing the index below the 10,000 mark. Sensex corrected over 2100 points in the last 8 trading session, recording the biggest intraday fall ever.

Trading was suspended in the stockmarket, as traders and investors were gripped by panic.

Facing an unprecedented situation and the sharpest ever fall, stock market authorities suspended trading for an hour, first time after May 17, 2004.

However, the Finance Minister assured that there was nothing to worry or panic and the banks would provide money to those in need.

http://www.expressindia.com/fullstory.php?newsid=68083
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 03:20 AM
Response to Original message
5. Gold has dropped $42.90 from Friday's close, now at $645.10
Australia's markets are down by about 1.5%
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Bhaisahab Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 04:45 AM
Response to Reply #5
6. somebody's gotta start joining the dots
i'm an ass at all things financial, so maybe someone proficient can connect the london times article on market crash (posted in LBN), the drop in markets in australia, india, etc and what could be going on?
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Matariki Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:24 PM
Response to Reply #5
16. Ha. That's only because Air America has be hawking it on the radio
Flippancy aside, the prices were artificially driven up. What do you expect when that happens.
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 05:17 AM
Response to Original message
7. UK, French and German markets all down nearly 1% this morning
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Supersedeas Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 01:20 PM
Response to Reply #7
8. ominous financial winds a blowing
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buzzard Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 01:52 PM
Response to Original message
9. I think the systematic and continuing debasement of the US dollar
Edited on Mon May-22-06 01:53 PM by buzzard
has a lot to do with the market jitters, it seem the fed intends to keep printing away.
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Scurrilous Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 08:14 PM
Response to Original message
10. India on alert for suicides after stocks slide
<snip>

"Indian police are watching out for possible suicides by brokers and investors after a steep market slide wiped out billions of dollars in share values, officials said Monday.

Policemen were keeping a watch near lakes and canals, possible places where people in distress could head to kill themselves. They said rescue teams were on alert."

<snip>

"India's Bombay Stock Exchange Ltd., which had a market value of $657 billion last week after falling 10 percent in the previous two sessions, slid as much as another 10 percent in early trade Monday following sales of stocks held by brokers as security on behalf of their clients.

"Gold has turned into brass. We are finished," said S.S. Gupta, a middle-aged Mumbai broker who said he had lost millions of rupees in two hours of trading Monday morning."

<snip>

"Analysts described the market slide -- which has been as much as 22.4 percent from an all-time high of 12,671.11 points on May 11 -- as a correction and said order should return soon."


more
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lovuian Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:00 PM
Response to Reply #10
14. This looks like terrible times for India lots of bankruptcies
it looks terrible!!!
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VegasWolf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 09:31 PM
Response to Original message
11. One big advantage of the daytrading I do is that I sit on a cash position
every night.
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VegasWolf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 09:44 PM
Response to Original message
12. Bush's impotence extends now to the world at large. nt
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CHIMO Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 09:44 PM
Response to Original message
13. Emerging markets feel the pain
Emerging markets, the darlings of stock market investors in recent years, are bearing the brunt of a growing global selloff that has sent investors scurrying for the exits.

Concerns about lower commodity prices and a possible hike in U.S. interest rates have led to a worldwide stock market correction that started earlier this month. Assets viewed as riskier, including emerging markets, have suffered the most and many of those stock markets Monday suffered their biggest declines in years.

Monday, Mexico's main Bolsa index slipped 4 per cent, the most since September, 2002. It was a similar story in Egypt as the CASE 30 index lost 6.7 per cent, the largest decline since February, 2003. And in India, the Sensex index tanked 10 per cent at one point during the day, but recovered some ground to end down 4 per cent, adding to last week's 11-per-cent drop.

Others are more worried. The worldwide selloff is more serious than we feared, wrote Dennis Gartman, editor and publisher of The Gartman Letter, a U.S. daily market newsletter. If we sound alarmed this morning it is because we are indeed alarmed.

http://www.theglobeandmail.com/servlet/story/RTGAM.2006...

Aw. Nothing to worry about. Just a scare and a flight to a safe haven.

But wait! What's safe tomorrow?
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Matariki Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:22 PM
Response to Original message
15. Financial Astrologer, Henry Weingarten has been predicting this
all year. Since last year he targeted the markets 'adjusting' within 90 days of the March 29th eclipse. I don't think we've hit bottom yet - to quote: "10,000 before 12,000"
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