HK stocks plummet 5.49 pct in worst single-day slump since 2001

[tekisui]

HONG KONG, Jan. 21 (Xinhua) -- Hong Kong stocks nose-dived 1,383.01 points, or 5.49 percent, to close at 23,818.46 on Monday, the worst single-day slump since Sept. 11, 2001.

The market was shattered by the slump of the stock markets in Asia and on the Chinese mainland as the market remained skeptical of the economic stimulus package by the White House to avoid recession in the United States.

The blue-chip Hang Seng Index dropped as much as 3.1 percent in the early session, and was down 714.6 points or 2.84 percent, at 24,487.27 by midday and then it widened its losses below the psychological 24,000 level in the afternoon following the slumps of stock markets in Asia. The index plummeted as much as 1,431.74 points, or 5.68 percent, before close at 23,818.46.

Turnover fell to 117.51 billion HK dollars (15.06 billion U.S. dollars) from Friday's 127.36 billion HK dollars (16.34 billion U.S. dollars).

All the 43 components of the benchmark Hang Seng Index fell.

more at link: http://news.xinhuanet.com/english/2008-01/21/content_7466426.htm

[fasttense]

1. So, I guess we have stopped singing "Happy Days are Here Again".

and are singing "Brother Can You Spare a Dime".

[rsmith6621]

2. Isnt Wall Street Closed Today...

...for MLK day

[Nite Owl]

6. US markets are closed

the rest of the world is open.

[dkf]

3. I hate to see it on Tuesday.

:scared:

[tekisui]

4. Dow Jones futures are down 3%.

This will hit hard.

[tekisui]

5. India's main index down 7.4%

India's main index tumbled 7.4% Monday, after other Asian markets hemorrhaged into the red. The heavy, region-wide selling was triggered by indices in China and Hong Kong tumbling through key technical support levels.

The Bombay Sensitive Index plunged 1408 points, to 17,605, after recovering from as much as a 10% drop earlier in the day.

In China, the Shanghai Composite Index dived 266 points, or 5.1%, to 4914, while the Hang Seng plummeted 1383 points, or 5.5%, to 23,818, falling through the key 24,200-level and ending only 400 points away from the 23,400 benchmark that many agree puts the index officially in a bear market.

In Japan, the Nikkei slid 535 points, or 3.9%, to 13,325 points. The yen rose to 106.08 vs. dollar, its strongest level in four months, after investors unwound carry trade positions on fears that the $145 billion economic stimulus package in the U.S. may not be enough to curb a recession.

link: http://www.thestreet.com/s/asian-markets-whomped/markets/worldmarkets/10399622.html?puc=googlefi

The $145 Billion stimulus won't save us. The chickens are coming home to roost.