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Monday September 25th, 2023

Asian markets plunge as Wall Street rout spreads

AFP – Asian stocks plunged Tuesday after a record-breaking loss on Wall Street, extending a global rout as panicked investors fret over rising US borrowing costs and cash in profits after months of market euphoria.

Tokyo led a collapse throughout the region in early trade, diving more than five percent, while Hong Kong was down almost four percent at one point and Sydney sank three percent.

Dealers tracked their colleagues in New York, where the Dow suffered its worst points fall in history, wiping out all its 2018 gains, while the S&P 500 also took a beating to sit down for the year.

The heavy selling comes after months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook.

While traders have been piling into equities, pushing many global indexes to record or multi-year highs, there has been growing concern on trading floors about elevated US Treasury bond yields — at four-year highs — and the likelihood of fresh Federal Reserve interest rate hikes.

The so-called Vix "fear" index more than doubled in US trade on Monday.

Among other Asian markets Singapore was 2.3 percent off, Seoul dived three percent, Taipei lost 3.7 percent, Manila plunged 2.7 percent and Shanghai gave up 2.1 percent.

 – Key figures around 0200 GMT –

Tokyo – Nikkei 225: DOWN 5.1 percent at 21,529.19

Hong Kong – Hang Seng: DOWN 3.2 percent at 31,225.11

Shanghai – Composite: DOWN 2.1 percent at 3,415.86

Euro/dollar: DOWN at $1.2384 from $1.2373 at 2200 GMT

Pound/dollar: DOWN at $1.3972 from $1.3958

Dollar/yen: DOWN at 109.08 yen from 109.13 yen

Oil – West Texas Intermediate: DOWN 56 cents at $63.59 per barrel

Oil – Brent North Sea: DOWN 58 cents at $67.04 per barrel

New York – DOW: DOWN 4.6 percent at 24,345.75 (close)

New York – S&P 500: DOWN 4.1 percent at 2,648.94 (close)

London – FTSE 100: DOWN 1.5 percent at 7,334.98 (close)

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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