The Hindu Business Line : Panic grips Asian markets

MUMBIA: Asian majors plunged on Friday, with Japan's Nikkei down more than 10 per cent, as panic ripped through markets and investors shrugged off efforts so far to unlock credit markets.

A synchronised cut in borrowing costs by central banks around the world this week is seen as too little, too late, and investors doubt a meeting of the Group of Seven rich nations later on Friday can achieve much, with fears growing that the global econo my is shifting towards recession.

In the morning session, the Nikkei share average was down 10.6 per cent to 8,233.71, bringing the week's losses to more than 20 per cent. Hong Kong’s Hang Seng lost 7.35 per cent to 14,769.85.

Singapore's Straits Times index fell more than 6.50 per cent to 1,964.06 points, its seventh consecutive day of falls, after data confirmed one of Asia's economies was in a recession.

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