Financial Meltdown Continues Unabated

Today in Financial History reporting:

Published: Thursday October 23, 2008 MYT 8:52:00 AM
Updated: Thursday October 23, 2008 MYT 9:37:59 AM

Asian stock markets open lower Thursday

TOKYO: Asian stock markets opened lower Thursday in the wake of the lower closing in New York, Europe, Latin America and elsewhere overnight.

Japan's key stock index has plunged more than 7 percent in early trade on worries over weak corporate earnings.

The benchmark Nikkei 225 stock average dropped 658.08 points, or 7.59 percent, to 8,016.61 as of 9:55 am (0055 GMT) on Thursday.

The Japanese index extended losses after tumbling almost 7 percent Wednesday as investors dumped shares on growing pessimism over corporate earnings and fears over a slump in the global economy.

Sentiment in Tokyo was also sluggish in line with a 5.69-percent loss on Wall Street on Wednesday amid worries that the global economy is poised to weaken.

In Kuala Lumpur the benchmark Composite Index was 1.6% lower fifteen minutes after opening at 889.85 points down 14.43 points.

Losers led gainers 183 to 33 and 48 counters were unchanged. Volume was 259574 lots.