Asian market review 16/01/2008

Asian markets plunged again today on growing concern that the US economy is sliding into recession that could lead into global slowdown. Investors dumped stocks after Citigroup reported almost $10 billion loss in Q4. The global market rout brought the MSCI Asia Pacific Index down 3.4% to 145.51 and the MSCI World Index has decreased 6.9% so far this year, wiping out $2.1 trillion from its members' market capitalization. The Nikkei dropped 3.4% to 13504.51 and its futures dropped to 13495, its lowest close since October 2005. Crude oil also fell overnight and was recently traded at $91.72 per barrel and gold was at $885ish and JPY was around 106.10.
The Kospi tumbled 2.4% after the department store sales declined for the first time in 7 months. Kospi opened at 218.70 and it fell further but it went up a bit to 220.95 before tumbling to 216.45. Volatility was high too today and Kospi was closed at 218.55. Kospi moved between: 216.45-220.95 today.
Hangseng tumbled the most since Sept 11, 2001. Hangseng have dropped more than 20% since its October peak and some traders consider it to be a bear market. Hangseng opened at 24906 and it went up a bit to 25211 before plunging back down and closed at 24826 in 1st session. 2nd session saw Hangseng opened at 24676 and it went down further and reached its lowest at 24314. Volatility was also high in the market and Hangseng was closed, down more than 5% at 24715 today. Hangseng moved between: 24314-25211.