Market Updates
Asian Markets Plunge
123jump.com Staff
03 Mar, 2008
New York City
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Asian markets fell sharply across the region tracking the losses in Friday trading in New York. The U.S. dollar reached new low against Indian rupee, Japanese yen, and Australian dollar. The weakness in dollar is a growing concern in the region that its fall will spark inflation and will also contribute to the slowdown of the economy in the region. India plunged 5% followed by declins in Japan of 4%, and in Hong Kong and Australia of 3%.
[R]7:00AM New York, 7:00PM Hong Kong - Asian markets fell sharply tracking losses in the U.S. Dollar fell to another record low on the U.S. economic worries stoking rising inflation concerns.[/R]
In Tokyo Nikkei 225 Index closed lower 610.84 or 4.49% to 12,992.18, in Hong Kong Hang Seng index decreased 746.70 or 3.07% closed to 23,584.97. Australia ASX 200 index decreased 166.30 or 2.98% to close 5,405.80.
In South Korea Kospi Index decreased 39.89 or 2.33% to close at 1,671.73, in Thailand SET index closed lower 2.84 or 0.34% to 842.92 and Indonesia JSE Index edged decreased 69.63 or 2.56% to 2,652.31. Sensex index in India decreased 900.84 or 5.12% to 16,677.88.
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Earnings
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