Word: indexes
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...MSCI Asia Pacific index gained 7.7% after dropping 20% last week - the worst performance in its history...
...Hong Kong's battered Hang Seng index bounced particularly strongly in afternoon trading, ending the day with a 10.2% gain. Stocks in Korea and Singapore also ended sharply higher, gaining 3.8% and 6.6% respectively. India's Sensex added 7.7%, while China's CSI 300 index, which measures both the Shanghai and Shenzhen exchanges, was up 4.12%. Japan's stock market, which last week suffered the worst rout in its history, was closed Monday for a holiday. "I think markets took a breath and will rebound in the next few days," says Sean Tsang, senior vice president of Polaris Securities...
...Hong Kong's Hang Seng index continued its weeklong swoon, falling 7.19% after recovering slightly on Thursday. Korea's Kospi index fell 4.13%, while India's Sensex lost 7% of its value after plummeting in morning trading. China was not spared. The CSI 300 index, which tracks both the Shanghai and Shenzhen exchanges, was down 4.43%. Singapore's main index fell 7.72% amid economic news that the island state has slipped into recession for the first time since 2002. In a speech Friday, Singaporean Prime Minister Lee Hsien Loong predicted a continued "rough ride" for Asia. "The world is caught...
Friday's international contagion of bearishness was inspired by Thursday's sell-off frenzy in New York City, which drove the Dow Jones index down 7% and neatly erased $872 billion of value from company and shareholder books. Fears that Wall Street would suffer another battering session Friday proved founded, as the Dow traded sharply down in the morning. Observers short on rational explanations for the nosedive could find solace only in the calendar: at least trading ceases on weekends...
Chilling out is no mean feat for traders and investors these days, though; they appear to see panic selling as the better option. On Friday, Hong Kong's Hang Seng fell 7.19%, while trading in Australia shot down 8.2%. Japan's Nikkei index dropped 9.62%, bringing its total loss for the week to 24%. Even before Asia's miserable day was over, European markets gave new force to the glumfest, opening with plunges near or in double digits. By day's end, those declines had been scaled back to 8.85% on London's FTSE 100, 7.7% on Paris...