05 Aug '11, 12am

Tokyo shares plunge more than 4% in early trade after sharp sell-off on US and European markets

Tokyo shares plunge more than 4% in early trade after sharp sell-off on US and European markets

Pedestrians are reflected on a stock index board outside a brokerage in Tokyo. -- PHOTO: REUTERS HONG KONG - ASIAN stock markets plummeted in early trade on Friday following carnage in the US and European markets amid fears the world was heading towards another financial crisis. Major markets in Japan, Australia and South Korea tumbled by at least four percent in the opening minutes of trade as already-fragile investor confidence was hammered by the euro zone debt crisis and more weak US economic data. 'It's going to be very ugly end to an even uglier week,' IG Markets analyst Ben Potter said in Sydney, adding that all sectors were expected to take a battering. Australia's benchmark S&P/ASX 200 was 174 points lower at 4,102, while in Tokyo the Nikkei index plunged 395.09 points, or 4.09 per cent, to stand at 9,264.09. In Seoul, the benchmark Kospi index fell 81.30 points, ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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