Business | Markets
Stock markets plunge amid fears of financial crisis
World stock markets declined to their lowest levels on Friday amid fears of a growing financial crisis.
- Agencies
- Published: 12:43 October 24, 2008
- An investor looks at the stock price monitor at a private securities company in China.
- Image Credit: AP
Dubai: World stock markets declined to their lowest levels on Friday amid fears of a growing financial crisis.
The yen, however, soared to a 13-year-high against the dollar at 95.32 and to a six-year peak against the euro at 123.
"The best word to describe what's going on right now is panic," said Credit Suisse strategist Satoru Ogasawara.
Japan's Nikkei index plunged 9.60 per cent, ending below the key 8,000-point level for the first time in more than five years.
India's Sensex closed down at 11 per cent, whileSouth Korean shares dived 10.6 per cent, while Hong Kong was down nearly 7 per cent in the afternoon session.
European markets also tumble following steep losses in Asia, with benchmark indexes in London, Frankfurt, Paris down around 5 percent.
London's FTSE 100 index of top shares dived by 3.09 per cent in opening trade on Friday to stand at 3,961.48 points.
In Latin America, the stock market in the region's biggest economy, Brazil, closed 3.57 per cent lower, extending Wednesday's loss of more than 10 per cent.
MSCI's all-country world index was down 2.8 per cent after earlier hitting a level not seen since August 2003. The dollar hit a two-year high against major currencies.
Share this article
Related Articles
-
UAE opens liquidity taps for banks
UAE opens liquidity taps
-
Angry Kuwait brokers demonstrate
Angry brokers demonstrate outside Kuwait stock exchange
-
Strong dollar raises remittances
Remittances go up due to strong dollar
-
Interest rate cut looms as Indian economy's slowdown goes deeper
Interest rate cut looms as Indian economy's slowdown goes deeper
-
Inflation slowing as expected, says Indian finance minister
Inflation slowing as expected, says Indian finance minister
-
Dollar hits 7-month low vs yen on risk aversion
Dollar hits 7-month low vs yen on risk aversion
-
Gulf stock markets open lower on Wednesday after two-day rally
Gulf stock markets open lower on Wednesday after two-day rally
-
Asian markets slump on pessimism over corporate earnings
Asian markets slump on pessimism over corporate earnings
-
Asian nations commit to $80b fund
Asian nations commit to $80 billion emergency fund
More from Markets
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
