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Friday 29th of August 2008
January 21, 2008

IBEX drops 7.36 percent on session


by Elaine Frei
IBEX drops 7.36 percent on session

Europe’s markets were significantly lower Monday, with the FTSE Eurofirst 300 down 5.33 percent to 1,286.14. The Paris CAC-40 fell 6.83 percent to 4,744.45 and the Dax was 7.16 percent lower to 6,790.19 while the IBEX dropped 7.36 percent to 12,650.5. London’s markets also lost ground. The FTSE 100 fell 323 points for a 5.48 percent loss to 5,578.2 while the FTSE 250 dropped 419 points on the way to a 4.33 percent decline to 9,260.6.

Equities markets in the Asia-Pacific region were also much lower on growing worries about the US economy. Markets in Hong Kong and in India dropped more than 1,000 points each. The Hang Seng fell 1,383 points, or 5.49 percent to 23,818.86, its biggest decline since the September 11, 2001 terrorist attacks in the US. The Sensex was down 7.41 percent, losing 1,408 points to 17,605.35.

Elsewhere in the region, Taiwan’s Taiex saw the least of the losses with a decline of 0.91 percent to 8,110.2. Australia’s markets extended their losses to an eleventh consecutive session when the S&P/ASX200 fell 2.9 percent to 5,580.4 and the Sydney Ordinaries dropped 2.91 percent to 5,630.9. In South Korea, the Kopsi index was 2.95 percent lower to 1,683.56. The Shanghai Composite was down 5.14 percent to 4,914.44 as it fell by 266 points while the FTSE Straits Times Index fell 6.03 percent to 2,917.15.

Tokyo’s markets also saw steep declines. The Nikkei 225 lost 535 points in a 3.86 percent loss to 13,325.94 while the Topix index was down 3.56 percent to 1,293.74 and the Mothers market of small and mid-caps dropped 3.47 percent to 656.77.

New York’s equities markets were closed for the day to observe the Martin Luther King Jr Day holiday.

Among commodities, oil and metals prices were lower in London, as US floor trade was also shut down for the holiday.

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