Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Israel and the Palestinians: How to Break the Cycle of Violence?

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

AFRICA NEWS

Somalia : Al Shebab attack on presidential palace

Read more

FOCUS

Sharia law to be enshrined in British legal system?

Read more

ENCORE!

How a comedy dud became one of France's biggest box office hits

Read more

AFRICA NEWS

Kenya: Clashes at anti-government rally in Nairobi

Read more

WEB NEWS

ISIS leader challenged over expensive-looking wristwatch

Read more

  • Palestinian death count tops 60 as Israeli airstrikes pound Gaza

    Read more

  • Argentina beat the Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Israel pummels Gaza in retaliation for Hamas rocket attacks

    Read more

  • Alps Murder wife had ex-husband who died on same day

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Brazil players should never wear 'sacred uniform' again, press says

    Read more

  • Exiled Syrian opposition elects new president

    Read more

  • China’s first Tour de France cyclist chases his dream

    Read more

  • Ukraine imposes new conditions on peace talks with pro-Russia rebels

    Read more

  • Sarkozy's UMP party 'almost €80 million in debt'

    Read more

Japan shares reach four-year low in early trading

©

Text by AFP

Latest update : 2008-12-10

Despite US Congress' approval of a bailout, the Asian markets took a tumble in early Monday trading, with Japanese share prices falling 3.6%, and Seoul and Hong Kong showing similar losses.


   
Japanese share prices tumbled 3.60 percent to hit a four-year low in morning trade Monday on growing worries about the financial crisis, despite US Congressional approval of a Wall Street bailout.
   
Dealers said it was uncertain how effective the US plan will be in stemming the financial turmoil, which is also deepening in Europe.
   
The Tokyo Stock Exchange's benchmark Nikkei-225 index fell 393.81 points to 10,544.33 by the lunch break, levels last seen in May 2004.
   
The broader Topix index of all first section shares dropped 42.44 points, or 4.05 percent, to 1,005.53.
   
Investors were bracing for another weak session on Wall Street when trading resumes there, said Toshihiko Matsuno, deputy equity general manager at SMBC Friend Securities.
   
"Those shares that had been bought up, and the sectors that are directly affected by the current financial situation, are being sold again," he said.
   
The next key support level for the Nikkei is 10,500 points, he said.
   
Investors remained concerned about the outlook for the global economy and financial markets, despite the green light from Congress for a 700-billion-dollar Wall Street bailout bill.
   
Underscoring the worsening conditions in the world's largest economy, 159,000 US jobs were lost in September, official figures showed Friday.
   
There were also mounting concerns about problems in the European banking sector after Germany's fourth biggest bank, Hypo Real Estate, had to be rescued Sunday.
   
The development came after the leaders of France, Germany, Britain and Italy pledged to step up coordination on tackling the financial crisis, but stopped short of agreeing on a joint bailout fund for European banks.
   
Japan's central bank on Monday injected 1.0 trillion yen (9.5 billion dollars) into Tokyo's short-term money market, the 14th straight business day that it has poured emergency funds into the financial system.
   

Date created : 2008-10-06

Comments

COMMENT(S)