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Share prices fall on Asia markets Share prices fall on Asia markets
(about 1 hour later)
Share prices in the Far East have fallen more than 2% amid continuing anxiety over world economic prospects and the US outlook in particular. Share prices in the Far East have fallen more sharply amid continuing anxiety over world economic prospects and the US outlook in particular.
The falls of about 2.5% in Tokyo and more than 3% in Hong Kong come after losses on Wall Street on Friday. Falls of 2.5% in Tokyo, more than 3% in Hong Kong and 4% in Delhi come after losses on Wall Street on Friday.
Analysts say dealers are cautious ahead of another meeting of the US central bank, the Federal Reserve.Analysts say dealers are cautious ahead of another meeting of the US central bank, the Federal Reserve.
It is expected to agree on a further cut in interest rates in a bid to stave off recession.It is expected to agree on a further cut in interest rates in a bid to stave off recession.
Despite the falls, the market mood seemed calmer after last week's ups and downs, Reuters news agency notes.Despite the falls, the market mood seemed calmer after last week's ups and downs, Reuters news agency notes.
The week saw global equity markets brought down by growing despair over the US economy, only to be later lifted by a $150bn stimulus plan agreed between the US Congress and the Bush administration.The week saw global equity markets brought down by growing despair over the US economy, only to be later lifted by a $150bn stimulus plan agreed between the US Congress and the Bush administration.
'No appetite''No appetite'
"The market appears to have hit bottom last week but it's still not in a position to keep rising, considering various events pending such as the Fed rate decision," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments in Tokyo."The market appears to have hit bottom last week but it's still not in a position to keep rising, considering various events pending such as the Fed rate decision," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments in Tokyo.
Francis Lun, general manager at Fulbright Securities in Hong Kong, argued that the market was "fluctuating wildly".Francis Lun, general manager at Fulbright Securities in Hong Kong, argued that the market was "fluctuating wildly".
"Investors don't have the appetite to buy stocks now," he was quoted by AFP news agency as saying."Investors don't have the appetite to buy stocks now," he was quoted by AFP news agency as saying.
In Delhi, India's benchmark Sensex index fell 736 points, or 4%, in early trading.
Shares on Seoul's market also slipped by about 2%.Shares on Seoul's market also slipped by about 2%.
"Although aggressive US stimulus measures are likely to stabilise global financial markets, South Korea and its companies are still vulnerable to economic risks," said Lee Young-won, a strategist at Prudential Investment & Securities."Although aggressive US stimulus measures are likely to stabilise global financial markets, South Korea and its companies are still vulnerable to economic risks," said Lee Young-won, a strategist at Prudential Investment & Securities.