Asian stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears of a global financial crisis that would depress world economic growth.
Bangladesh Dhaka stock exchange above
Across Asia, all markets were in the red. Tokyo’s Nikkei 225 index fell to its lowest level in 4 1/2 years, sinking 4.25 percent to 10,473.09.
Hong Kong’s Hang Seng index slid 4.3 percent to 16,927.87. Markets in mainland China, Australia, South Korea, India, Singapore and Thailand also fell sharply.
In Russia, the RTS stock index tumbled more than 7 percent in first 20 minutes of trading.
"This credit crunch looks like it’s not going away any time soon," said Alex Tang, head of research at brokerage Core Pacific-Yamaichi in Hong Kong. "Apart from a credit crunch in Europe, investors are quite concerned about the worsening outlook on the U.S. economy."
Investors appeared spooked by a series of developments out of Europe over the weekend
Investors took scant comfort from Washington’s passage of a $700 billion bank bailout on Friday, focusing instead on a dismal U.S. jobs report that suggested the U.S. economy — a vital export market for Asia — could slide into a recession.
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