The mixed picture comes after a tumultuous day on Wall Street, where the Dow Jones industrial average ended down 3.6 percent after trimming much bigger losses. European markets were also hit badly. Analysts said it was unclear whether this was a sign the worst was over, or a reprieve in a longer-term bear market.
The declines in China were less severe. The Shanghai Composite Index was down 4.3 percent at 3,071.06 at midday Tuesday after falling 6.4 percent in the first minutes of trading. On Monday, it plummeted 8.5 percent.
In Tokyo, the Nikkei 225 index was up 0.9 percent at 18,702.66 in afternoon trading after dropping 4.6 percent the previous session. Hong Kong's Hang Seng, which also lost 4.6 percent Monday, was up 1.6 percent at 21,595.74. Sydney's S&P ASX 200 advanced 1.4 percent to 5,073.20 and Seoul's Kospi was steady at 1,829.06 after shedding 3 percent the previous day.
The global sell-off was triggered by the sharp drop in Chinese stocks Monday, but experts said there was little change in economic fundamentals to justify such a massive global slide.
"There was no clear catalyst for the global stock meltdown. The lack of clarity makes it difficult to assess what is needed to stem the rout," said Bernard Aw of IG Markets in a report.
No comments:
Post a Comment