It hasn’t taken long for the financial impact of Japan’s earthquake/nuclear disaster to spread from Tokyo to other Asian markets.
On Monday, Asia ex-Japan was resilient in the face of the 6.2 per cent plunge in the Nikkei. On Tuesday a 10.5 per cent drop in Tokyo, driven by the worsening news from the Fukushima atomic power plant, prompted a widespread Asian sell-off. Investors have decided – as beyondbrics predicted on Monday – that such a crisis is bound to have region-wide economic impact.
Shares in Seoul closed closed down by 2.4 per cent, in Shanghai by 1.4 per cent and in Taiwan by 3.35 per cent. In Singapore, stocks were trading 2.57 per cent, having earlier been over 3 per cent down, and in Hong Kong, the Hang Seng index was 2.9 per cent lower.
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