Asian stock markets stall after two-day rally
Thursday, 16 October 2008
HONG KONG, Oct 15 (AP): Most Asian stock markets declined Wednesday after a two-day rally, tracking Wall Street lower amid concerns that worldwide efforts to revive the financial system won't be enough to stave off a global recession.
Hong Kong's Hang Seng Index lost 843 points, or 5.0 per cent, to 15,990 after rising more than 13 per cent the previous two days. Markets in Australia, South Korea, China and Singapore were also lower.
Japan's Nikkei 225 index bucked the trend, however, paring its losses to end up 1.10 per cent at 9,547.47. The benchmark had surged 14 per cent in the previous session - its biggest single-day gain ever.
The regional pull back followed US markets, where key benchmarks fell after President George W. Bush announced the government would use part of the $700 billion financial bailout to pump capital into major banks and help get lending flowing again.
Hong Kong's Hang Seng Index lost 843 points, or 5.0 per cent, to 15,990 after rising more than 13 per cent the previous two days. Markets in Australia, South Korea, China and Singapore were also lower.
Japan's Nikkei 225 index bucked the trend, however, paring its losses to end up 1.10 per cent at 9,547.47. The benchmark had surged 14 per cent in the previous session - its biggest single-day gain ever.
The regional pull back followed US markets, where key benchmarks fell after President George W. Bush announced the government would use part of the $700 billion financial bailout to pump capital into major banks and help get lending flowing again.