Saturday, October 11, 2008

BLACK FRIDAY. THE WORST OF ALL TIME IN WORLD FINANCIAL HISTORY - Malaysiakini

Yesterday World Stock Market crash again. This time was the worst in this century. Please refer this article also for your references : Malaysiakini : BANK GUARANTEE RM 60000 If Financial Problem Strike ?

Thailand's share prices plummeted 9.6 per cent Friday, prompting regulators to close the market for 30 minutes after midday trading when share values had dropped more than 10 per cent. Singapore stock exchange lost more than six percent and falls into recession after two quarters of falling gross domestic product (GDP) shows that the Singaporean economy is now technically in a recession.

In Indonesia, the stock exchange president said trading would remain suspended "to prevent deeper panic" since Wednesday. The Australian All Ordinaries index closed more than eight percent lower.

In Asia Japan's Nikkei Exchange closed down 9.6 percent, its biggest one-day percentage loss since the stock market crash of October 1987, to close out its worst week in history despite the Bank of Japan injecting 4.5 trillion yen (USD 45 billion) into financial markets. Yamato Life Insurance Co. filed for bankruptcy on Friday. At one time the Nikkei diving 11 percent at one point as fears grew that the financial crisis is spiralling out of control.

London's FTSE, the CAC in Paris and the XETRA DAX in Frankfurt, Germany all closed down between six and eight percent. Vienna Stock Exchange has suspended trading until midday after stocks tumbled 10 percent at the opening bell.

Russian government financial officials again indefinitely suspended trading on its stock exchanges - a move they have taken several times this week to avoid share price plunges and surges.

Oil prices plunged to a 13-month low Friday, following steep stock market declines, as investors worried that the weakening global economy was driving down demand for fuel worldwide.

U.S. crude for November delivery sank as much as USD 9.50 to a low of USD 77.09 a barrel during Friday trading, its lowest level since Sept. 11, 2007, when crude hit an intraday low of USD 77.00.

Prices later recovered slightly to settle down USD 8.89 to USD 77.70 a barrel in New York, oil's lowest close since Sept. 10, 2007, when crude ended the day at USD 77.49.

In Europe, governments have moved to protect nervous bank depositors. Germany pledged to guarantee all private bank savings and CDs in the country, and Iceland and Denmark followed suit. Ireland went even further by also guaranteeing Irish banks' debts.

The United States will temporarily boost deposit insurance from $100,000 to $250,000 in cases where its banks or savings and loans fail.

Today many analyst mentions that THE GREAT DESPRESSION might be on track. Form today onwards I will stay cautious and monitor on what would really happen in our country financial system and economy growth. As I use to said, ANYTHING can happen during overnight.

3 comments:

Muhammad Azli Shukri said...

how come it true?

bangmalaysia said...

Malaysiakini should be more responsible and publish articles that concerns Malaysians. Yes your articles on the impending financial meltdown is extremely important and the public should be made aware of. I notice some of the articles they publish are quite silly actually.

Jackie Lee said...

This statement is refering to what I had posted to http://bangmalaysia.wordpress.com

I was quite disapointed with malaysiakini. When I try to post some article regarding the financial meltdown to all the readers to be aware what is really happening in our global world financial crisis, someone just left out the article and didn’t post it on malaysiakini.

Maybe they are going for politics only. They do not concern about financial crisis. I can say that Malaysiakini is a bit selfish. They should know the title MALAYSIAKINI is to update whatever happen in our latest development.