Nikkei: 9,299.88 (-359.30) Hang Seng: 20,946.14 (-938.60) Shanghai Comp: 2,994.78 (-112.23): JAPANESE STOCKS plunged by the most in more than four months as concern the global economy is stalling triggered an equities rout that drove the Standard and Poor's 500 Index to its worst slump since 2009.
The Nikkei fell 3.7 per cent to 9,299.88 at the 3pm close in Tokyo, sliding the most since March 15th
It was a similar picture in Hong Kong and China where the Hang Seng slumped 5.6 per cent, set for the biggest plunge since November 2008, while China’s Shanghai Composite Index dropped 2.2 per cent
Sony retreated 5 per cent to 1,828 yen, Toyota sank 3.2 per cent to 3,040 yen and Canon fell 3.9 per cent to 3,580 yen. ECB president Jean-Claude Trichet said policymakers will offer banks in the region additional cash to ease tensions in financial markets.
Brokerages fell on concern profits may drop while equities decline globally. Nomura plunged 5.4 per cent to 349 yen, the lowest close in 36 years. Daiwa Securities, lost 3.6 per cent to 321 yen.
The rout in equities followed yen sales by the Japanese government to stem currency gains that threaten the nation’s economic recovery. – (Bloomberg)
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