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Market Update : 
Japan and Asia Stocks Decline
Author: 123jump.com Staff
123jump.com
Last Update: 4:11 PM EDT April 14 2008

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Stocks in Japan and Asia fell after the release of world economic outlook from a meeting of policy makers at the IMF and World Bank. The gloomy near term outlook added to the rising loss estimates at Citigroup and Merrill Lynch. Media reports in the UK suggested that two financial firms are likely to report losses in the quarter and a write-down of $15 billion. Nikkei 225 index in Tokyo fell 3% and Topix declined 2.5%.

 
Financial stocks fell on the rising estimates of subprime loans related losses. Mizuho Trust & Banking shed 2.67% and Mitsubishi UFJ Financial Group declined 3.74%.

Consumer electronic makers also declined after Nomura downgraded its recommendations for the consumer electronic industry from “neutral” to “bullish”. Sharp Corp. dropped 3.79% and Matsushita Electric Industries declined 4.04%.


Asian Markets Review

In Tokyo Nikkei 225 Index closed lower 406.22 or 3.05% to 12,917.51, in Hong Kong Hang Seng index decreased 856.59 or 3.47% closed to 23,811.20. In Australia ASX 200 index lower 96.90 or 1.78% to close 5,342.40. In Malaysia KL Composite index decreased 13.36 or 1.07% closed to 1,233.43.

In South Korea Kospi Index decreased 33.00 or 1.85% to close at 1,746.71, Indonesia JSE Index edged decreased 31.45 or 1.37% to 2,272.48. Market of Thailand and India were closed today.
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