Jan 22 2008
While Americans enjoyed a national holiday in honor of Martin Luther King yesterday, its stock markets remained closed. Elsewhere, however, stock markets from Asia to India to Europe to the UK experienced the worst one-day fall since 9/11. London’s FTSE fell more on Monday than it had since 1983. In Germany the market fell 7.2%. Here in Asia the picture was equally as dismal:
In Asia, Indian shares on Monday ended 7.4 per cent lower, and trading was halted in Mumbai after the market fell 9.8 per cent in the opening minutes; Hong Kong closed down 5.5 per cent; and Japan’s Nikkei average slid nearly 4 per cent, falling a further 4.4 per cent by midday on Tuesday while South Korea’s Kospi index lost a further 3.9 per cent. In the morning session on Tuesday, Hong Kong skidded another 8 per cent while Shanghai was down over 4 per cent. Indonesian shares sank 8 per cent in morning action.
In one day, literally trillions of dollars was lost in the value of the world’s stock markets; many are already referring to yesterday as Black Monday.