Most Asian markets lower
Wednesday, 19 September 2007
TOKYO, Sept 18 (AP): Most Asian market fell Tuesday, with Tokyo's main index losing 2 per cent amid renewed concern over global credit markets and Hong Kong shares down on profit-taking.
Stocks in China and Indonesia rose; shares fell in Australia, Malaysia, the Philippines, South Korea and New Zealand.
Japan's benchmark Nikkei 225 index dropped 2.0 per cent to 15,801.80 points on the Tokyo Stock Exchange. The index jumped 1.94 per cent Friday. The country's financial markets were closed Monday for a holiday.
Investors in Tokyo were unnerved by news that customers in Britain and Ireland had run on Northern Rock PLC, desperate to withdraw their savings.
Traders are also waiting to see what the US central bank's Federal Open Market Committee decides to do with its key interest later Tuesday.
"There still seems to be a lot of selling pressure from foreign funds. Investors will be looking to see what the FOMC decides to do next," said Shoji Hirakawa, equity strategist at UBS Securities in Tokyo.
The Bank of Japan convened a two-day policy board meeting Tuesday as well, but the bank is likely to keep its interest rates steady.
Stocks in China and Indonesia rose; shares fell in Australia, Malaysia, the Philippines, South Korea and New Zealand.
Japan's benchmark Nikkei 225 index dropped 2.0 per cent to 15,801.80 points on the Tokyo Stock Exchange. The index jumped 1.94 per cent Friday. The country's financial markets were closed Monday for a holiday.
Investors in Tokyo were unnerved by news that customers in Britain and Ireland had run on Northern Rock PLC, desperate to withdraw their savings.
Traders are also waiting to see what the US central bank's Federal Open Market Committee decides to do with its key interest later Tuesday.
"There still seems to be a lot of selling pressure from foreign funds. Investors will be looking to see what the FOMC decides to do next," said Shoji Hirakawa, equity strategist at UBS Securities in Tokyo.
The Bank of Japan convened a two-day policy board meeting Tuesday as well, but the bank is likely to keep its interest rates steady.