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Asian and European stock markets continue selling pressures

October 23rd, 2008

Yet another day of heavy selling in the Asian and the European markets with almost all major stock indices closing in the red. The Seoul Composite fell 7.48%. FTSE is down little over 1.3%

Asian markets have experience selling spree giving a sense that the investors are going out of the markets for a while. The Asian stocks have reported a 4 year low today with central banks across the region promising to pump in more cash for liquidity.

The Seoul Composite closed down 7.48%. The All Ordinaries fell 180 odd points to close down 4.39%. The Straits Times fell 75.46 points and closed down 4.14%. Other leading losers in the Asian region include BSE 30, Jakarta Composite, NZSE 50 and Hang Seng, all of which are down over 3% each.

The Indian Finance Minister said that SEBI has told FIIs not to lend stocks abroad.

Meanwhile the European region too is witnessing the selling rally. The Madrid General is down 4.79% and DAX and OSE All Share are down over 3%. The markets are witness more down turn as trade volumes begin to increase.

Wolseley said it would be cutting 3000 jobs. Retail sails are reporting to have been hit. The Pound is near the 5 year low mark.

1 U.S. dollar = 0.614779294 British pounds
1 U.S. dollar = 0.77960552 Euros
1 U.S. dollar = 49.4804 Indian Rupees
1 Ounce Gold = $705.30
1 Barrel Crude Oil = $67.73

Thursday, October 23, 2008 4:26:55 PM IST

Entry Filed under: Global Markets