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Asia defends currencies even as stocks fluctuate wildly

Posted on 29 October 2008

From Csmonitor.com: Asian stocks snapped a losing streak Tuesday, after scraping multiyear lows in recent weeks. Japan’s Nikkei index closed up 6.4 percent, as South Korea saw a 5 percent hike in its main index. Hong Kong’s volatile market posted double-digit growth a day after falling by almost as much.

These fragile gains come in the face of increasingly gloomy forecasts for the region’s export-led economies as the US and other rich countries slip into recession. As in other emerging markets, among the heaviest sellers of Asian assets have been US hedge funds and other foreign investors who need to raise cash in a hurry. This flight of foreign capital has dented confidence in stocks, bonds, and other assets….. Full Article: Source


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