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Friday 29th of August 2008
August 16, 2007

FTSE 100 down 4.1 percent on session

by Elaine Frei
FTSE 100 down 4.1 percent on session

London’s equities markets saw significant losses on Thursday. The FTSE 100 fell 4.1 percent to 5,858.9, the first time it had closed below the 6,000 level since March, while the FTSE 250 closed at 10,462.6 for a drop of 3.92 percent. Markets were also substantially lower in Europe. The FTSE Eurofirst 300 was 3.21 percent lower to 1,443.89. The Dax dropped 2.36 percent to 7,270.07 in Frankfurt and the CAC-40 was down 3.26 percent to 5,265.47 in Paris. In Madrid, the IBEX fell 3.68 percent to 13,986.4. There were no winners on either the CAC-40 or the Dax on the session

Asia-Pacific equities markets were lower again, as well. The biggest loser on the session was South Korea’s Kospi index, which dropped 6.93 percent to 1,691.98, its largest percentage drop since 26 June 2002. In Australia, meanwhile, the S&P/ASX200 closed at 5,711.5, a decline of 1.32 percent, while the Sydney Ordinaries ended up 1.54 percent lower to 5,712.2. The Shanghai Composite was 2.14 percent lower to 4,765.45 in China. Hong Kong’s Hang Seng index was 3.29 percent lower to 20,672.39, while the Straits Times index fell 3.66 percent to 3,152.16 in Singapore. In India, the Sensex was down 4.28 percent to 14,358.21. Taiwan’s Taiex index dropped 4.56 percent to 8,201.37, while the Jakarta Composite was 5.94 percent lower to 1,908.64. The Philippines Stock Exchange index fell 6.01 percent to 2,942.31.

In Tokyo, the Nikkei 225 was down 1.99 percent to 16,148.49 and the Topix index fell 1.67 percent to 1,567.46 as both indices closed at their lowest level since November 2006. The Mothers market of small and mid-caps dropped 3.03 percent to 728.89.

Wall Street remained volatile. At just past 2 pm New York time, the Dow Jones Industrial Average was down 1.02 percent to 12,730.51, but earlier in the afternoon it had been down as much as 308 points, or 2.4 percent. Meanwhile, the Nasdaq Composite was down 1.2 percent to 2,429.39 and the S&P 500 had dropped 0.68 percent to 1,397.17.

Commodities prices - oil, metals, and agricultural commodities - were much lower on the session.

Among currencies, the yen gained significantly while the US dollar was also up but much more modestly.

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