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Reply #8: Asian markets plunge on Lehman, Merrill woes [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-16-08 04:53 AM
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8. Asian markets plunge on Lehman, Merrill woes
TOKYO - Asian stock markets tumbled Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of a global financial crisis. European markets, which fell sharply Monday, extended losses in early trading.

Japan's benchmark Nikkei 225 index sank nearly 5 percent to 11,609.72 its lowest close since July 2005. Hong Kong's blue-chip Hang Seng Index shed 5.4 percent. Both markets Asia's two biggest had been closed for holidays on Monday, when news first broke about the turmoil on Wall Street that has dramatically changed its landscape.

Across Asia, markets were all deep in the red. South Korea's main index declined 6.1 percent, while Taiwan's benchmark was off 4.9 percent and China's Shanghai index sank 4.6 percent.


In Seoul, South Korean banks extended losses. Top lender Kookmin Bank shares declined 8 percent. Hana Financial Group shares fell 10 percent.

In Hong Kong, HSBC lost 4.4 percent, and leading Chinese lender ICBC plummeted 7.7 percent.
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