This Day On The Street
Continue to site
ADVERTISEMENT
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 Drubbed

Asian markets shrugged off the Federal Reserve's funding plan and Wall Street's slight closing gains on Thursday, as the major indices plunged in the worst regionwide selloff so far this month.

In Hong Kong and Japan, the Hang Seng and Nikkei finished at their lowest levels so far for December. The Hang Seng tumbled 776 points, or 2.7%, to 27,744, while the Nikkei dived 395 points, or 2.5%, to 15,536, led by big losses in financials Mitsubishi UFJ (MTU - Get Report) and Mizuho Financial (MFG). The Taiwanese Taiex ended 302 points, or 3.6% lower, at 8187, its lowest level since the subprime crisis hit in mid-August.

The rest of Asia was sharply down, finishing points away from December lows. In China, the Shanghai Composite Index fell 137 points, or 2.7%, to 4958, falling through the recent benchmark 5000 level, while the South Korean Kospi dipped 11 points, or 0.6%, to 1915.

"I think it is a bit of an overreaction, and it's an overreaction to the confusion about what the Fed is doing," says Tim Rocks, a strategist at Macquarie Bank in Hong Kong. "All credit market issues are being saturated by typical year-end liquidity effects, so you've really just got to see through the next few weeks, and the Fed has been aware of this."

1 of 2

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
KBSTY $10.00 1.94%
NTDOY $21.61 -1.10%
KB $38.09 -1.20%
MFG $3.89 0.00%
LFC $74.13 1.10%

Markets

DOW 18,147.33 +67.19 0.37%
S&P 500 2,125.03 +7.34 0.35%
NASDAQ 5,115.09 +23.0050 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs