All the Asian equity indices barring Jakarta Composite continued their downfall for second straight day amid growing fears that the global economy is on the verge of slipping back into recession. The sell-off followed heavy losses in the United States and Europe overnight, which were caused by the Federal Reserve’s comments on Wednesday that the US economy faced ‘significant downside risks’, with the economy struggling with slow growth, high unemployment and a depressed housing market. However, most markets were off their earlier lows after G20 finance chiefs meeting in Washington promised to take collective action to stabilize the financial system. Moreover, Hong Kong shares had their worst week since October 2008, losing 9.2 percent as escalating fears of a global recession caused investors to cut riskier holdings.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,433.16 | -9.90 | -0.41 |
Hang Seng | 17,668.83 | -243.12 | -1.36 |
Jakarta Composite | 3,426.35 | 57.20 | 1.70 |
KLSE Composite | 1,365.94 | -21.87 | -1.58 |
Straits Times | 2,698.80 | -21.73 | -0.80 |
Seoul Composite | 1,697.44 | -103.11 | -5.73 |
Taiwan Weighted | 7,046.22 | -259.28 | -3.55 |
Nikkei 225 | - | - | - |
