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Asian Markets Overview –august 20th 2013 Markets Drop On Fear Of Fed Effect On Emerging Markets
Total Articles: 26
The Asian markets fell significantly on Tuesday led by a 3.2% fall in Indonesia after dropping 5.6% on Monday. Analysts at Harver Group believe that investors in the region worried that a reduction in the United States Federal Bank bond buying program will hurt emerging markets, which in turn drove equities down in both Asian developed and emerging markets. Several currencies were also down in the region as investors are concerned that foreign investors will withdraw money from the Region. The India Rupee hit all-time record low against the US dollar.
In Tokyo, the Nikkei Stock Average Index fell a significant 2.6%, the South Korean Kospi dipped 1.6% and the Australian S&P/ASX 200 Index lost 0.8%. In China the Shanghai Composite Index fell 0.6% and the Hang Seng in Hong Kong fell 2.2%. The SET declined 2% in Thailand. While the Indian S%P BSE Sense fell 0.3%.
Mining and resource producers fell as the US dollar rose against regional currencies. In Japan, Pacific Metals Co. dropped 3.8%, Korea Zinc Co. slid 4.9%. In Australia, Newcrest Mining Ltd declined 2.9% and BHP Billiton Ltd gave up 1.4%.
Energy Producers also fared poorly. Japanese Index Corp. lost 3.2% and Petro China Co. gave up 1.1% in Shanghai and 3.7% in Hong Kong.
Everbrite Securities Co. stock resumed trading after a technical glitch caused the broker to issue an enormous buy order that cause extreme volatility in the Chinese market. Everbrite has announced that it lost $31.7 million due to the glitch. The stock declined 10% reaching the limit in China.
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