Asian shares fall sharply
Tuesday, 16 September 2008
SYDNEY, Sept 15 (AFP): Asian stock markets fell sharply Monday on fresh fears over the state of the global financial system amidst concern over the fate of Wall Street giant Lehman Brothers, dealers said.
Australian shares were down 2.21 per cent at noon, Singapore stocks dropped 2.26 per cent in morning trading and in Taiwan shares fell 1.83 per cent in early deals.
Several major markets in the region, including Tokyo, Hong Kong, Shanghai and Seoul were closed for public holidays.
In markets that were trading, financial sectors suffered most as investment bank Lehman Brothers, which has been badly hit by the US subprime real estate meltdown, appeared on the verge of liquidation after no buyer emerged to rescue it.
Australian shares were down 2.21 per cent at noon, Singapore stocks dropped 2.26 per cent in morning trading and in Taiwan shares fell 1.83 per cent in early deals.
Several major markets in the region, including Tokyo, Hong Kong, Shanghai and Seoul were closed for public holidays.
In markets that were trading, financial sectors suffered most as investment bank Lehman Brothers, which has been badly hit by the US subprime real estate meltdown, appeared on the verge of liquidation after no buyer emerged to rescue it.