Grimmest of years ends with ray of hope

HONG KONG: Asian shares rounded out their worst year ever yesterday, down 50% after 12 months of financial market and economic turmoil, but optimism that 2009 will be an improvement lifted stocks for a third straight session.

Government bond yields held near their lowest in decades, oil prices dipped further below US$40 a barrel and the US dollar extended its recent falls as it heads into 2009 in a position of weakness due to the near zero interest rates in the world’s largest economy.