This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asian Markets A Sea of Red

Thursday's bloodbath on Wall Street flowed through Asian markets today, with indices suffering their worst collective decline since September.

In Hong Kong, the Hang Seng plunged 1,024 points, or 3.25%, to 30,468 points, while in China the Shanghai Composite Index dropped for the third day running, losing 136 points, or 2.31%, to close at 5,777.

In Japan, the Nikkei lost 352 points, or 2.09%, to 15,517, as the Topix fell 35 points, or 2.1%, to 1600. The Korean Kospi also suffered, shedding 44 points, or 2.12%, to 2,019.

"Most investors are afraid of the U.S. markets going down further now, and are also trying to unload their share holdings because the indices are already overvalued at this point," says Castor Pang, a buy-side analyst for Sun Hung Kai Financial in Hong Kong. "Overall investment is very weak at this point."

Chinese financials were some of the worst hit, with China Life Insurance (LFC) losing 3.18%, to HK$50.20 in Hong Kong, and 3.35%, to 70.60 yuan in Shanghai.

Other Hong Kong stocks that gave up recent gains included the telecoms, as China Mobile (CHL) slipped 3.37%, to HK$ 152.20, while China Telecom (CHA - Get Report) fared similarly, down 3.81%, to HK$6.32, and China Unicom (CHU - Get Report) dived 4.87%, to HK$17.58.

PetroChina (PTR - Get Report), which bucked Thursday's bearish trend on a higher oil price, gave up gains to close down 1.51%, to HK$19.60. China Petroleum and Chemical (SNP) gained, by 2.85%, to 28.49 yuan in Shanghai, on yesterday's 10% hike in retail fuel prices by Beijing.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BX $27.44 0.00%
CHU $11.70 0.00%
CHA $49.64 0.00%
CHL $57.52 0.00%
EWJ $11.42 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs