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Asian indices fall sharply on a sell off on Wall Street; Stronger Yen drags down Japanese exporter shares

Monday, October 22, 2007

Early on Monday, Asian indexes fell sharply in the wake of a sell-off on Wall Street, with Japanese stocks also hurt by a stronger Yen that dragged down big exporters.

In Tokyo, the Nikkei 225 average sank 3% to 16,308.42 and the broader Topix index lost 2.7% at 1,548.53. South Korea's Kospi tumbled 3.7% to 1,896.85, Singapore's Straits Times index lost 2.6% at 3,650.94, Australia's S&P/ASX 200 declined 2% at 6,574.90 and New Zealand's NZX 50 index slipped 0.1% to 4,316.31. China's Shanghai Composite fell 1.8% at 5,713.08 and Taiwan's Weighted index dropped 2.8% at 9,341.54.

iShare MSCI India ETF is down 3.5% and iPath MSCI India Index is down 5%. Among the emerging markets, Brazil was down 3.7%, Russia up 0.3%, Philippines down 3.9%. Yen rose to a 6-week high vs dollar as G-7 showed concerns about global growth. Yen appreciated by 1.10% at 113.82.

Crude oil for November delivery fell as much as 84 cents to $ 87.76/bbl. The contract settled at 87 cents to $ 88.60 a barrel on Friday. The contract had hit a record high of $ 90.02/bbl on Friday before retreating.

Posted by FR at 9:20 AM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.