Global stocks in grip of losses on worsening economic indicators

SINGAPORE: The world stock markets this week for the investors brought losses, as the worsening data on global economy kept pouring in.

Despite Barack Obama’s $825 billion bailout package announcement, US stock markets remained downbeat and both the index Dow Jones and NASDAQ declined by 3.6 percent and 2.7 percent respectively. Besides, Asian markets’ Hong Kong’s Heng Sang plummeted by 7.3 percent and closed at 13255 points, while Japan’s Nekkei-225 gaining 17 points wrapped up at 9323 points. Following Indian Satyam scandal, Mumbai KBSE Sensix-30 kept plunging and index this week falling by 5.7 percent closed at 8230 points. On the other hand European stock markets were also seen in the negative terrain and despite Germany’s announcement of $66 billion bailout package DAX-30 index tumbled down by 8.3 percent and closed at 4366, while Britain’s FTSE-100 index eroded by 6.7 percent and France’s KCAC-40 index lost 8.2 percent.