The Asian markets open on 10 October 2008 with all indicators pointing downwards. This is the after-effect of the closing of Dow Jones Industrial Average, DJI was seen nose diving by 679 points to the lowest level in the past 5 years. This is the 6 consecutive 3-digits loss by DJI. Panic selling again happened.
Over at Asian markets, Nikkei opened earlier down by more than 11 percent but managed to recover some grounds, currently dropped by 868.71 points or 9.49 percent during the time of this post.
The further panic was believed to be cause by the cutting of rating of General Motors and Fords by credit agency. This sent the index lower as investors had literally lost their hopes on equity.
Over at Straits Times Index, STI the stock market index for Singapore was seen with a 3-digits loss with a drop by 142.35 points or 7.39 percent during the time of this post. The percentage of 7.39 percent can be rather alarming even for a less volatile market like STI. But it does seems that selling pressure had eased as compared from the earlier opening.
The above are of personal opinion and not at all an inducement to trade.