Important! Asian Stocks Fall

[LaoPo]

This is serious news, also for Thailand!; that's why I posted it in 'General topics'. Administration/Mods, please feel free -of course- to move it

The Chinese stock market has suffered its worst day of trading in 10 years after a large wave of share selling by leading investors.

The benchmark Shanghai Composite Index fell nearly 9%, its worst daily performance since February 1997.

from:

http://news.bbc.co.uk/2/hi/business/6399941.stm

Asian Stocks Fall, Adding to Global Rout After China's Slump

The Morgan Stanley Capital International Asia-Pacific excluding Japan Index fell 1.3 percent to 403.59 at 10:35 a.m. in Sydney. Australia's S&P/ASX 200 Index, which closed at a record on Feb. 26, slumped 3.3 percent to 5797.90, while New Zealand's NZX 50 Index, which reached a high on Feb. 7, tumbled 2.9 percent to 3980.14.

The Dow fell 3.3 percent while the Standard & Poor's 500 Index lost 3.5 percent, wiping out the year-to-date gains. The Nasdaq Composite Index slid 3.9 percent, its steepest drop since July 2002. Europe's Dow Jones Stoxx 600 Index slid 3 percent and emerging markets dropped.

from:

http://www.bloomberg.com/apps/news?pid=206...&refer=home

more financial webpages:

http://www.google.com/search?source=ig&amp...=financial+news

LaoPo

[LaoPo]

MarketWatch from Dow Jones:

NEW YORK (MarketWatch) -- Fallout from the meltdown in Chinese stocks enveloped markets worldwide on Tuesday, including the U.S., leading some investment strategists and mutual-fund managers to caution that global investors face unpredictable volatility that could persist for some time.

http://www.marketwatch.com/news/story/how-...FA2995D925B3%7D

U.S. stocks plunge to worst 1-day drop since 2001

Dow tumbles 415 points as Shanghai slide spooks global markets

http://www.marketwatch.com/news/story/us-s...dist=TNMostRead

LaoPo

Edited February 28, 2007 by LaoPo

[Farma]

ASX plunges after Wall St plunge

Wednesday Feb 28 10:05 AEDT

The Australian stock market has fallen more than three per cent in early trading after US markets slumped overnight following a sell-off in China.

By 10.12am the S&P/ASX200 index was down 3.45 percent or 206.9 points at 5786.9 points and the All Ordinaries Index had fallen 3.73 per cent or 225 points to 5773.

Continued here http://ninemsn.com.au/?lc=1033

[LaoPo]

Asian stocks continue slide

SAN FRANCISCO (MarketWatch) -- Asian stocks continued sharp declines in early trading Wednesday. Japan's Nikkei 225 dropped as much as 3.23%, or 584.86 points, to 17,535.06 shortly after the market opening in Tokyo. South Korea's Kospi was down as much as 3.93%, while Australia's S&P/ASX 200 dropped 3.06% and New Zealand's NZSX-50 dropped 2.68%. Markets had not yet opened in Shanghai, where the Composite Index's 8.8% loss Tuesday triggered a global selloff.

http://www.marketwatch.com/news/story/asia...;dist=MorePulse

LaoPo

Edited February 28, 2007 by LaoPo

[Prakanong]

Hmm it used to be only when America sneezed the rest of the world caught cold

[LaoPo]

Tokyo's TOPIX index falls more than 5 percent

(Updates after TOPIX 5 percent fall)

TOKYO, Feb 28 (Reuters) - Tokyo's TOPIX index (.TOPX: Quote, Profile, Research) fell more than 5 percent on Wednesday morning as investors sold shares across the board following steep losses on Wall Street.

The TOPIX was down 4.6 percent at 1,728.14 at 0024 GMT after falling as low as 1,719.15, down about 5.1 percent a few minutes earlier.

The bourse said it had temporarily halted trade in TOPIX futures

http://www.reuters.com/article/tokyoMktRpt...T26402420070228

LaoPo

[STEELINOX]

What we are witnessing now are those that are "fit and ready to get out" - these people should be clear in a few days; we will have a better idea on how we stand by monday. Hope you all have good "sea legs" !

Thanks,

Randy

[Jamie]

I'm happy with this. Stocks are too overpriced right now. I'm quite interested to see how the Asian markets do on Wednesday.

[Farma]

Computer glitch amplifies market slide

From correspondents in New York

February 28, 2007 09:13am

WHAT seemed to be an unprecedented drop in the Dow Jones blue-chip index in a matter of moments today was caused by a computer system glitch amid a surge in sell orders, company officials said.

The benchmark Wall Street industrials index appeared to fall 250 points in a matter of moments, prompting speculation about massive automated program trades or hedge funds liquidating positions with instant trades.

But Dow Jones, which supplies market data for the indexes, said its systems became overwhelmed by a flood of orders and failed to provide up-to-date market data for a short period.

After the systems were back up, the drop registered instantly, giving the appearance of an instantaneous drop.

Sybille Reitz, spokesman for Dow Jones indexes, said the delay started about 2.00pm (6am AEDT) because of "extraordinarily heavy trading volume".

This caused a delay in the Dow Jones data systems and as a result "the calculation of the Dow temporarily lagged behind the market's decline", she said.

"And after we identified that delay we switched over to the backup system. And the result of that was the rapid catchup of the value of the Dow'' about 3pm.

"That's why we saw an immediate drop rather than a drop in 15 or 20 minutes,'' she said.

Trading was nonetheless volatile, with the Dow Jones industrials falling as much as 546 points, before finishing with a loss of 416.02 points.

It was the worst single-day point loss for the blue-chip index since the market reopened after on September 17, 2001, the first day of trade after the September 11 attacks.

Source http://www.news.com.au/couriermail/story/0...5003402,00.html

[jbowman1993]

Stocks.....boring. Why don't you guys go outside and take a walk or something.

[Anthony_Mustang]

Stocks.....boring. Why don't you guys go outside and take a walk or something.

Because if the stock market crashes investment will crash, if investment crashes the baht crashes and if the baht crashes it's better for tourism (providing that your own currency hasn't gone down the drain as well).

[usatrader]

Wed 28 Feb

HANG SENG INDEX (HKSE)-(579.33) -2.88% ( up from -3.22% eariler) Tue-27 Feb -8.88%

NIKKEI 225 -611.23 (-3.14%) Closed

Thai Set -18.45 (-2.7%)

S&P ASX200 -139.9 (-2.33%)

ST index ( singapore) -180.09 (-5.5%)

KRX 100 ( Korea) -99.94 (-3.28%)

[ThaiGoon]

Good time to buy then.

[tijnebijn]

Stocks.....boring. Why don't you guys go outside and take a walk or something.

Because if the stock market crashes investment will crash, if investment crashes the baht crashes and if the baht crashes it's better for tourism (providing that your own currency hasn't gone down the drain as well).

Oh yes this is important if that would happen!

[Anthony_Mustang]

Good time to buy then.

That's the trick. If I knew when to buy and sell I'd be living in a mansion on hill looking over the ocean on Phuket by now

[lannarebirth]

The China market had been in a parabolic up move for awhile now. Never in the history of markets anywhere, anytime, has a parabolic move not been fully retraced. Timing entry and exits, in order to profit from these moves can be tricky, but they all end in the same way. What will be interesting, in a few days to a weeks time, is where will all the money go? The world is awash in cash looking for a new place to settle (for awhile).

[oooooo]

one word says it all: correction !

[goldfish]

Good time to buy then.

That's the trick. If I knew when to buy and sell I'd be living in a mansion on hill looking over the ocean on Phuket by now

Hurling abuse at the poor internet connection you have which cuts out just as you are about to sell

[Maizefarmer]

Its one thing reading about it hearing of it on the radio or TV - it's a nightmare scenario when you are trading yourself at the time it happens - as I was!!!!

AS the stocks plunged, anyone sitting long on Western currenices and short Asian currencies got a shocker - long positions reversed to short in literally seconds, and what was a nice bullish market turned bear quicker than you could reverse the positions - or even close them to cut your losses.

The situation was made worse when the stock exchange server crunched to a hault for about 1 minute - under the load of trades that delaers were trying to close - which added to the problem.

It's now 3:30am West Coast time - LA - I've at it since yesterday morning 9am, recouping losses with one spot trade after the next - just about there.

NY stocks exchange plummeted $620 billion dollars in the space of 4hrs 15 minutes!!! But by the time East Coast opens in 3 hrs time, traders are confident they will have re-couped most of it.

Thats the nature of the beast - could have been much worse.

MF

[Mid]

But Thailand is expected to feel minimal impacts because share prices are already low after a series of local crashes over the last three months.

The Nation/Agence France-Presse

gotta love 'em ...............

[LaoPo]

World stock slump hits second day

BBC:

In Japan, the Nikkei 225 share index closed down 515.8, or 2.9%, lower at 17,604.1, while in Hong Kong the Hang Seng index fell 496.36, or 2.5%, to 19,716.5.

SOME SIGNS OF CALM

But even as stock markets continued to slide, there were some tentative signs of calmer trading elsewhere.

China's main Shanghai stock index <.SSEC>, whose 9 percent dive on Tuesday on regulatory concerns was cited by some as fuelling the global selloff, bounced back almost 4 percent.

from:

http://futures.fxstreet.com/Futures/news/a...09-30_L28690552

LaoPo

[Hampstead]

Profit taking due to speculative investors pushing the shanghai index by 147% over the last 12 months

basically the chinese government threatened these speculative chinese investors with a task force to try and stifle their operations and cool down the rising market.

the rumour was that the chinese government were looking at introducing a capital gains tax on stock investors, so they panicked . Which the gov. have since denied

the shanghai index is still 15-20% over its fair value.

As for the knockon effect around the world, just another over reaction spurred on by the bond markets trying to spook investors trying to say their is a near global recession, which is absolute b@#$#@@@@s

hoping these same equity investors will swap into fixed income bonds and funds

interesting that the shanghai market rebounded by nearly 4% today.

[LaoPo]

US follows stock market sell-off

World shares have dropped for a third day on concerns about economic growth and the outlook for corporate profits

http://newsvote.bbc.co.uk/2/hi/business/6406803.stm

Around the Markets: Recent history may show stock slump will be short-lived

First there was Thailand's imposition of capital controls, including a requirement that banks place a one- year hold on 30 percent of all money moved into the country to buy stocks. The restriction triggered a 15 percent plunge in the SET index on Dec. 19, and lasted only one day.

Then there was the decision by President Hugo Chávez of Venezuela last month to nationalize utilities, phone companies and energy joint ventures. The benchmark Caracas index tumbled 19 percent on Jan. 9 in response.

China had its turn Tuesday. The government's creation of a task force to clamp down on stock market speculation touched off an 8.8 percent drop in the Shanghai composite index, the biggest in a decade.

http://www.iht.com/articles/2007/02/28/bloomberg/bxatm.php

LaoPo

Edited March 2, 2007 by LaoPo

[LaoPo]

Global shares drop for fourth day

Global shares have fallen for a fourth day, though the sharp slump that spooked markets at the start of the week seemed to be running out of steam.

http://newsvote.bbc.co.uk/2/hi/business/6410629.stm

LaoPo

[LaoPo]

Asian markets continue fall; Europe opens lower

TOKYO: Markets in Asia and Europe fell again Monday, extending their slide into a second week as investors worried about a possible global slowdown dumped stocks that had surged in recent weeks.

In Tokyo, the Nikkei 225 index fell for a fifth day, tumbling 575.68 points, or 3.34 percent, to 16,642.25 points, dragged down by major exporters such as Canon Inc., Sony Corp. and Toyota Motor Corp., whose earnings are eroded by a stronger yen. Since reaching a nearly seven-year high last Monday, the Nikkei index has slid 8.64 percent.

Markets in Hong Kong, Australia, the Philippines, Malaysia, India and South Korea all fell sharply Monday, continuing their declines from last week, when a 9 percent plunge in Chinese stocks on Tuesday triggered a sell-off on Wall Street and other global markets.

"It looks like it's becoming a domino, with one market pulling down the other and I don't know where the domino effect will stop," said Jose Vistan, research director at AB Capital Securities in Manila, Philippines, where the benchmark index sank 4.5 percent.

http://www.iht.com/articles/ap/2007/03/05/...rld-Markets.php

World markets see slide continue

Asian and European stocks have fallen on Monday as the global share sell-off entered its second week.

Japan's Nikkei index closed 3.4% lower - its biggest one-day fall in nine months - while Shanghai's composite index was 3.5% down.

http://news.bbc.co.uk/2/hi/business/6418345.stm

LaoPo

Edited March 5, 2007 by LaoPo

[bangsue]

Wall Street should open shortly, will be interesting to see what happens there.