Word: kong
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...closed, too late to put the brakes on a near free fall in Asian stocks that began on Monday. In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index fell 8.2%, while Seoul's Kospi dropped 5.8%. Indonesia shut down its stock market after shares plunged more than 10%. It is unclear when trading will resume. "We need to watch further before we can open," Erry Firmansyah, the exchange's president, told reporters...
...continued to slide despite a spate of actions yesterday by Asian governments to stem financial volatility, boost economies and prop up markets. The People's Bank of China cut interest rates for the second time in three weeks, while reducing the reserve requirement ratio for most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need...
...economies. The quandary facing Asia's policymakers is that credit is tightening and stocks are plunging due to circumstances mostly beyond their control. "Central banks in Asia don't have the ability to fix the problem," said Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong...
...unimpressive results were a combination of already overinflated price estimates and the dismal economy. "Particularly with the fund managers, if they are concerned with things happening in the world, they may be inclined to hold on to their funds," says Mark Joyce, owner of Koru Contemporary Art in Hong Kong...
...That's not good news for Sotheby's. Following the poor sales, the auction house's shares fell 14% on Oct. 6, hitting a three-year low. (Sotheby's was not available for comment.) Nor does it bode well for the regional art market: the Hong Kong auction was its first gauge after the worldwide financial crisis hit last month. "Due to uncertainty in the markets, investors are making selective choices as to where to spend their money," says Shirley Ben Bashat, director of the Opera Gallery Hong Kong...