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 Tumble

Asian markets plunged under the weight of a rising yen and uncertainty over the global impacts of the U.S. credit crunch in Monday's trading.

The Hang Seng was the day's biggest faller, shedding 1,117 points, or 3.88%, to 27,665. That's the index's first time closing below the 28,000 benchmark since October 1. The Shanghai Composite Index lost 127 points, or 2.4%, to 5,187, after Beijing raised the reserve ratio requirement for banks on Saturday, and announced a lower-than-expected surplus.

The Nikkei dropped 386 points, or 2.48%, to 15,197, losing all of this year's gains and ending the day in negative territory for the year. In Korea, even the Kospi, which has been popular with value investors this fall, plummeted 67 points, or 3.37%, to 1,923.

"There are ongoing concerns about what's happening in the U.S. about credit concerns. Asian markets have gone up a hell of a lot, and it's good excuse for taking a bit of money out of the markets," says Peter Haimes, chief investment officer of Aberdeen Asset Management in Singapore. "When you look around markets have done spectacularly well, and pockets have got ahead of themselves. China has attracted a huge amount of interest and is probably overdue a correction."

In China, Beijing announced its October surplus was $27.05 billion vs. $23.91 in September, well below analyst expectations of $31 billion.

Monday's biggest fallers were consumer stocks and electronics exporters. In Hong Kong, China Unicom (CHU - Get Report) plummeted 8.62%, to HK$14.42, while rivals China Netcom (CN) and China Mobile (CHL) dived 4.44%, to HK$20.45 and 7.6%, to HK$129.40, respectively.

In financials, China Life Insurance (LFC) slipped 4.28%, to HK$42.50, while Ping An tumbled 5.75%, to HK$87.60.
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
CHU $13.16 0.00%
CN $31.89 0.00%
EWH $19.77 0.00%
FXI $37.01 0.00%
MFG $3.83 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs