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Share prices fall on Asia markets Share prices fall on Asia markets
(40 minutes later)
Share prices in the Far East have fallen more sharply 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.
Falls of 3.7% in Tokyo, more than 3% in Hong Kong and 4% in Delhi come after losses on Wall Street on Friday. Falls of 4% in Tokyo, more than 4.7% in Hong Kong and 4.6% in Mumbai 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 in the US.
Despite the falls, the market mood seemed calmer after last week's ups and downs, Reuters news agency notes. Yet despite the falls, the market mood seemed calmer after last week's ups and downs.
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. Last week saw global equity markets brought down by growing despair over the US economy, only to be later lifted by a $150bn (£76bn) 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. Francis Lun, general manager at Fulbright Securities in Hong Kong, said the market was "fluctuating wildly".
Francis Lun, general manager at Fulbright Securities in Hong Kong, argued that the market was "fluctuating wildly". 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 Koichi Ogawa, Daiwa SB Investments
"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. Japan's main Nikkei 225 index closed Monday trading down 541 points or 4% to 13,088.
Shares on Seoul's market also slipped by about 2%. Hong Kong's Hang Seng was down 4.7% in late trading, while India's main Sensex index had lost 4.6% in afternoon exchanges.
"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. "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 Fed is widely expected to cut US interest rates to 3.25% when it makes its latest scheduled decision on Wednesday.
Last week it reduced rates to 3.5% from 4.25% in an emergency move.