Thursday 13 May 2004

Asian markets down again

Another bad day for stocks in Asia.


Index

Value

Change

% change

Nikkei 225

10,825.10

-328.48

-2.95%

Hang Seng

11,396.94

-131.24

-1.14%

Korea Composite

790.13

-26.96

-3.30%

Straits Times

1,778.59

-23.58

-1.31%

KL Composite

803.11

-15.61

-1.91%


Concern over rising oil prices weighed down stocks. Airline stocks were hard hit. Singapore Airlines fell 2 percent to S$10, Cathay Pacific fell 2.6 percent to HK$13.10 and Qantas Airways fell 3.3 percent to A$3.26.

News that China's industrial production and money supply (M2) both grew 19 percent from a year earlier didn't help, reminding investors that tougher measures to cool down China's economy may still be on the cards.

Looks like a major stock market correction is truly underway.

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