On Friday, September 6, the US markets closed in red upon the unexpected job numbers that emerged from authorities. The Asian markets and its losses were, however, not limited to one day. This, as the major indices on the world's largest continent went through a week-long decline.
Asian Indices In Decline
All the major Asian indices closed for the week with major losses over the past 5 trading sessions.
Arguably the most pertinent index in Asia, the Nikkei lost 6.75 per cent or a mammoth 2,633.84 points, in 5 trading sessions or a week. The index plunged to 36,391.47 points further away from the now elusive 40K mark. Needless to say, the index closed in red on Friday as well.
Another Japanese index, the TOPIX, did not have a good week either. The index dropped by 5.00 per cent or 136.62 points, dropping to 2,597.42 points in 5 trading sessions.
Another key index, this time in Hong Kong, the Hang Seng lost 2.34 per cent or 418.29 points, and dropped to 17,444.30 points.
As we move to mainland China, the SSE Composite Index also incurred losses of over 2.35 per cent or 66.54 points. This took the overall value of the index to 2,765.81 points.
The usually stable South Korean index, the KOSPI, also dropped by 5.20 per cent or 139.52 points. The index value dropped to 2,544.28.
Global Factor At Play
Finally, although Taiwan index ended the week on a high with cumulative gains of over 1 per cent, the overall weekly picture still appeared grim. The index closed at 21,435.19, with a decline of 4.06 per cent or 906.71 points, in the last 5 trading sessions.
These developments are largely being attributed to the volatility in the US markets, which inturn are placated by the perceived turbulence in the US economy. Another major factor is the ever-increasing tension and expanding scale of conflict in the Middle East. This has led to fluctuation in oil prices. The slowdown of the Chinese dragon is another reason connected to the recent developments.
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