Market Report Asia Stocks in Turmoil

CHAN:
In Tokyo shares tumbled as spooked investors dumped export shares. The yen continued to strengthen against the dollar curbing overseas profits. The benchmark Nikkei average slid 9.6 percent on the day.

Top electronics maker Sony led Friday's losses after the company slashed its annual profit forecast for a second time this year. The firm cited decreased demand in flat TV and digital cameras as reason for the downward revision.

But the Japanese government is still urging people to invest.

[Takeo Kawamura, Japanese Government Spokesman]:
"The Japanese people and households should show more interest in stocks and look at stocks as a stable investment, not one that goes on an emotional roller-coaster ride with foreign investors"

In Seoul market shares continued to slide. The KOSPI index closed 10 percent lower on the day weighted down by top chip maker Samsung Electronics. Shares in the company shed 14 percent. Investors largely ignored Samsung's solid quarterly results and instead fretted over difficult times ahead.

Friday's regional market rout continued in Australia as share prices slipped to four-year lows.

Aussie investors took heed on worries that a likely global recession and weaker demand at home could hammer earnings for local firms.

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News & Politics

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