Markets in the Asia region fell sharply lower

Markets in the Asia region mostly fell below 7% with Japan Nikkei and Thailand SET Index leading the pack falling more than 10% which caused the exchange to halt trading. When trading resumed, the indices closed more than 9%. Australia All-ordinaries closed 8.2% lower. Malaysian KL Composite Index and Korean KOSPI index registered the lowest fall in the region with 3.6% and 4.1% respectively. Below are the summary of major world indices as at 6.00 p.m. local time (+8.00 GMT).


Quotes snapshot from NV Advisor

The selldown in world markets was caused by the financial crisis led by US after financial giants fell to its knees. This event caused a domino effect acrossed the European market and markets in Asia that have good partnerships with the US such as Hong Kong, Singapore and Australia. The event led to rescue by central banks in the US, Europe and China to cut interest rates in a co-ordinated effort yesterday. The US and UK central banks in a emergency move are trying to save the financial market through financial aids.

The efforts, however does not give enough confidence to investors who fear that the assistance from the Central Banks would not stop the recession, which some doubt as the worst-ever.

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