Asian markets plunged today in the biggest selloff in the past 2 weeks after a surprise decline in the US service industries which fueled concerns that the world's biggest economy is in a recession. MSCI Asia-Pacific Index fell 3.4% to 142.10 with Japan's Nikkei fell 646.26 pts or 4.7% to 13099.24, the most since Jan 22 and its futures closed at 13140. Investors were nervous and we can see panic selling across the board and these were also paced by holiday mood among the investors in some markets. In Japan, Nintendo fell to its lowest close since July 2007 and Namco, maker of games also fell after forecasting lower profit.
The Kospi was already closed ahead of the Chinese New Year holidays.
Hangseng opened about 1200 pts at 23492 and it fell to as low as 23249 before rebounding back up and was closed at 23445. Hangseng only traded half-day today ahead of the Lunar New Year holidays tomorrow and selling was seen across the board fueled by US' economic concerns and also profit taking done by most investors. Hangseng moved between 23249-23582.
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