Asian stocks follow Dow's fall
Asian stock markets opened substantially lower this morning to tracking the fall of Wall Street. Nikkei and KOSPI lost 2.7% and 3% respectively, while Australia's All Ordinaries dropped 2.87%. Straits Times also opened lower by 1%.
Energy stocks were hit the most with Peabody lost almost 7%. Exxon, Chevron, and ConocoPhillips declined over 2% respectively. They sent the Down Jones Industrial Average (DJIA) to almost below 10,000 with 2.61% drop. Nasdaq lost 3%.
Straits Times continued to drop this morning with -2.17%, while Shanghai opened substantially lower by 2%. Coal stocks in the region lost ground with Straits Asia, which controls two coal mines in Kalimantan, dropped 5%, while BHP and Rio Tinto slashed 3.8% and 5.6% respectively in Australia.
Hang Seng also opened lower by 2.7%, while IDX lost 2% in the first few minutes of trading. BUMI lost 4.85%, while Adaro declined 3.11%. Indo Tambangraya, Bukit Asam, and Indika also dropped by 3.43%, 3.3%, and 4%. Shenhua and China Coal lost 4.6% and 5.7% respectively in Hong Kong.
Labels: Stock Market