Asian markets finished mixed Thursday after an early rally gave way to a selloff in the afternoon in Hong Kong and India after investment bank Societe Generale said it has uncovered a trading fraud worth 4.8 billion euros ($7.1 billion).
The Hang Seng closed down 550 points, or 2.3%, at 23,539, so it is still in bull market territory but sharply lower than the day's high of 24,966, while the Indian Bombay Sensitive Index slumped 372 points, or 2.1%, to 17,221.
Markets in Japan were higher, as a weaker yen helped exporters push the Nikkei up 263 points, or 2%, to 13,092. The dollar was buying 106.38 yen vs. 105.75 earlier in the session.
"Guys are covering shorts, and there's no unloading," says Bryan Watkins, a trader at Daiwa Bank in Hong Kong. "It's just punters right now." ...
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