Asian stocks lose momentum - Times Now
Asian stocks today discontinued their two-day gainingstint with key indices in the region dropping between two to four per
cent, amid fears of prolonged slowdown in global markets. brbrThe Asian
bourses followed cues from the American markets, which failed to hold
on to their initial gains and closed in the red.nbsp; brbrHong Kong's
benchmark Hang Seng Index was trading down 2.29 per cent at 16,447.62
points in the last afternoon trade, while Korean Kospi Index dropped
two per cent to 1,340.28 points.brbrIndia's benchmark index Sensex
plunged over four per cent amid heavy profit-booking and was trading
below the 11,000 level in the afternoon trade. brbrBesides, Singapore's
Strait Times was trading down 2.14 per cent at 2,082.71 points and
China's Shanghai SE Composite index was trading 1.30 per cent in the
red at 1,991.18 points. brbrHowever, Japan's Nikkei 225 was trading in
the positive territory amid Japanese Government announcing that it
would provide monetary support to the IMF to tackle the global
financial crisis.brbrNikkei 225 was trading up 1.06 per cent at
9,547.47 points in the afternoon trade after falling to an intra-day
low of 9,269.49 points. brbrUS bellwether index Dow Jones Industrial
Average had yesterday closed down 0.82 per cent, while Nasdaq composite
had settled down 3.54 per cent.
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