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) fared similarly, down 3.81%, to HK$6.32, and China Unicom (CHU) dived 4.87%, to HK$17.58. PetroChina (PTR), 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV