Stocks fell on Wednesday Nov 19 as financial shares tumbled and uncertainty over a possible rescue for the US auto industry fueled concerns about the deepening economic slump.
Adding to the gloom, the US Federal Reserve slashed its economic growth forecasts through 2009 and minutes from the Fed’s most recent policy meeting showed officials believed more interest rate cuts may be needed as the economy falters.
Tokyo: Japanese stocks lost 0.66%. The Nikkei-225 index benchmark lost 55.19 points to 8,273.22. The Topix index of all first section issues dropped 8.01 points, or 0.96%, to 827.43.
Sydney: Australian share prices closed down 0.7%. The benchmark S&P/ASX 200 lost 23.6 points to close at 3,499.6 while the broader All Ordinaries shed 29.9 points to 3,483.2. Turnover was 1.55 billion shares worth some A$4.41 billion.
Hong Kong: the benchmark Hang Seng Index ended 100.09 points lower at 12,815.80, after trading between 12,738.53 and 13,179.33 during the session.
Shanghai: Chinese share prices surged 6.05%. The benchmark Shanghai Composite Index, which covers A and B shares, rose 115.04 points to 2,017.47 on turnover of 84.20 billion yuan.
Taipei: Taiwan share prices closed down 0.49%. The weighted index fell 21.09 points at 4,284.09, off a high of 4,320.85 and a low of 4,226.49, on turnover of NT$48.97 billion.
Seoul: South Korean share prices closed 1.9% lower. The benchmark KOSPI ended down 19.34 points at 1,016.82. Volume was 398.2 million shares worth 4.14 trillion won.
Bangkok: Thai share prices closed 2.73% lower. The Stock Exchange of Thailand (SET) composite index lost 11.46 points to close at 408.51 points.
Jakarta: Indonesian shares ended 0.8% lower. The Jakarta Composite Index fell 9.5 points to 1,180.36.
Manila: Philippine share prices closed 1.8% higher. The composite index rose 34.58 points to 1,908.18.
Mumbai: Indian shares fell 1.83%. The benchmark 30-share Sensex fell 163.42 points to 8,773.78, at a near three-year low.
Vietnam The VN Index slipped 3.8 pts or 1.12% to close at 336.89.
In the US, The S&P 500 slipped 6.1% to 806.58, extending its 2008 retreat to 45%. The Dow Jones Industrial Average lost 427.47 points, or 5.1%, to 7,997.28. The Nasdaq Composite Index decreased 6.5% to 1,386.42. Twenty-eight stocks fell for each that rose on the New York Stock Exchange.
In Europe, the FTSE 100 index of leading British shares was down 68.07 points, or 1.6%, at 4,140.48, while Germany’s DAX was 34.09 points, or 0.7%, lower at 4,545.38. The CAC-40 in France was down 40.76 points, or 1.3%, at 3,176.64.