Riots in Hong Kong after heavy stock losses

[Holly_Hobby]

Riots in Hong Kong after heavy stock losses
Wednesday, 8 October 2008 13:34



There have been riots on the streets of Hong Kong following heavy losses at the city's Hang Seng index.

The Hang Seng closed over 8% lower with losses in banks, communications companies and exploration companies.

Customers are trying to get their money out of bank branches and many are protesting about losses related to the collapse of Lehman Brothers.

Earlier, trading on the stock exchange in Jakarta was halted because today's falls were so severe.

http://www.rte.ie/news/2008/1008/hongkong.html

[Subdivisions]

1. That would never happen here. n/t

[tekisui]

2. Thailand Stocks, Currency Fall as Police Clash With Protesters

http://www.bloomberg.com/apps/news?pid=20601080&sid=aoFSIApxc8Lo&refer=asia

Oct. 7 (Bloomberg) -- Thai stocks and the baht fell, while the cost of protecting external debt from default surged, as police clashed with protesters surrounding parliament, deepening concern the political crisis will speed an exit by investors.

The benchmark stock index slid to its lowest in more than five years and the baht dropped to a three-week low after police this morning dispersed protesters who tried to prevent new Prime Minister Somchai Wongsawat from presenting his administration's policies to lawmakers. Dozens were injured in the clash.

The SET Index dropped 1.6 percent to 542.73 at 2:44 p.m. in Bangkok, headed for its lowest close since August 2003. The baht fell as low as 34.59 per dollar, the weakest since Sept. 16, before trading at 34.46, from 34.39 yesterday, according to data compiled by Bloomberg. Foreigners' net sales of Thai stocks have mounted to 128 billion baht ($3.7 billion) since May 25, when the protests started.

``The news about the clash has accelerated the baht's weakness, which has already been depressed by outflows of foreign investment from the stock market,'' said Usara Wilaipich, an economist at Standard Chartered Bank in Bangkok. ``The escalating political conflict will certainly spur additional selling of stocks by overseas investors.''

Some 47 protesters were being treated at six Bangkok hospitals, according to a faxed statement from the Public Health Ministry. Most suffered from tear gas irritation, while four were seriously injured, including one person who lost a leg.

more....

[Yo_Mama_Been_Loggin]

3. There may be riots here

You never know

[MercutioATC]

4. Naw...we're sheep.

We're soft and compliant.

It'll never happen here.

[Oregone]

5. Oh my....those silly Hong Kongians....

You all have so much to learn. Take a Paxil. Play your X-Box. Go watch Beverly Hills Chihuahua.

So cute, they are, but so primitive.

[Beam Me Up]

6. This is a story from yesterday, right? Today is the 9th in Hong Kong. n/t

[question everything]

7. Right. It jumped 3%

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3534916