Sell-Off Turns Asian Dealers' Screens Red; Market Report in Hong Kong
Heath, Ray, The Evening Standard (London, England)
Byline: RAY HEATH
TECHNOLOGY stocks crashed to record lows on Asian markets as investors panicked on fears of collapsing earnings, and the sell-off turned dealers' screens red.
In Japan, economic woes added to the black outlook for telecoms, media and technology stocks. In Hong Kong, locally quoted Chinese mobile phone operators led a rout of nearly 3% of the Hang Seng index, while South Korea's semiconductor manufacturers hit new lows and dragged the market down by 3.75%.
The mayhem followed last Friday's slump in New York, which took Nasdaq's loss for the week to more than 7%.
Earnings warnings that hammered US stocks have been echoed in Asia, …
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Publication information: Article title: Sell-Off Turns Asian Dealers' Screens Red; Market Report in Hong Kong. Contributors: Heath, Ray - Author. Newspaper title: The Evening Standard (London, England). Publication date: July 9, 2001. Page number: 44. © Not available. COPYRIGHT 2001 Gale Group.
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