Jitters Spread Through Asia
Jitters over renewed weakness in key benchmark levels in Hong Kong led a region-wide selloff Monday, as investors pummeled the Hang Seng down 1068 points, to 24,053 and Shanghai's exchange plunged 342 points, to 4419. The Nikkei also fared badly, losing 541 points, or 4%, to 13,087.
"On Friday punters took the market way up, but there was light institutional buying," says Bryan Watkins, a trader at Daiwa Securities in Hong Kong. "It was quiet on the trading floor. As those spreads got thinner people started to take the offers. Now the spreads are widening."
Other Asian market participants say the repeat selloff, which follows a steep decline in the Asian markets early last week, is a trend that is fast following the 1997 "Asian contagion," where the region suddenly went into a deep decline.
China Watch: CTrip.com
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