Asian Stock markets have tumbled once again. Japan’s Nikkei 225 index fell by almost 6.36% to its lowest value in more than 26 years. In Philippines the index fell by 12.3% after the second biggest bank of the country announced big losses. Shares of Banco de Oro Unibank fell sharply after it posted 1.3bn pesos. The bank suffered huge losses because of its exposure US Investment Bank Lehman Brothers. Lehman Brothers collapsed under the weight of heavy mortgage debts.
In India, the Sensex index has also taken severe beating. It appears that this global crisis which has affected banks and markets is not going to end soon. There is “more pain”.
Asian Stock markets have tumbled once again. Japan’s Nikkei 225 index fell by almost 6.36% to its lowest value in more than 26 years. In Philippines the index fell by 12.3% after the second biggest bank of the country announced big losses. Shares of Banco de Oro Unibank fell sharply after it posted 1.3bn pesos. The bank suffered huge losses because of its exposure US Investment Bank Lehman Brothers. Lehman Brothers collapsed under the weight of heavy mortgage debts.
In India, the Sensex index has also taken severe beating. It appears that this global crisis which has affected banks and markets is not going to end soon. There is “more pain”.
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