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Saturday August 6, 2011

Asian markets take a beating after Dow Jones crash

PETALING JAYA: Regional markets took the heaviest hit since March as shockwaves from the 513-point crash of the Dow Jones Industrial Average on Thursday swept through Asia.

The markets were a sea of red, with the Taiwan Taiex Index falling the most, plunging by 5.8%, followed by the Jakarta Composite Index which fell by 4.86%.

The FBM KLCI's fall was relatively tame, falling 22.46 points or 1.45% at Friday's close on a volume of 1.78bil shares.

On Thursday, fears of a double dip recession and Europe's financial crisis triggered the biggest sell off in US stocks since the 2008 banking crisis.

The Dow Jones fell by 513 points or 4.31% to 11,383.68, the biggest single-day loss since Dec 1, 2008 when the Dow plunged 679.95 points.

Over a 10-day trading period, the Dow plunged 10.54%, erasing all the gains it has made for 2011.

Related stories:
Slower growth for US economy amid threat of recession
Dow's biggest single-day plunge in more than two years
The West no longer drive prosperity, intra-Asian trade emerging as key mover for global growth

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