Markets in Asia turn bearish

By Chua Kong Ho  |   2008-7-9  |     NEWSPAPER EDITION

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-- Adverstisement --

ASIAN stocks fell yesterday, driving the benchmark index to the lowest level since November 2006.

The MSCI Asia-Pacific Index dropped 1.8 percent to 130.78 at 7:02pm in Tokyo time, with more than six stocks retreating for each that rose in value. The index is valued at 13.9 times earnings, the cheapest since March, reported Bloomberg News.

MSCI's Asian index has tumbled 24 percent since its peak on November 1, indicating a bear market. Japan's Nikkei 225 Stock Average lost 2.5 percent to 13,033.10, the most since April 14.

South Korea's Kospi Index plunged 2.9 percent, and suffered its biggest decline since February 11.

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