171-W4-TAIEX Listening
photo / courtesy of dipity.com
Asian Markets lunge as Fears of Global Recession Looms
Asia's share markets plunged Wednesday, following Wall Street continuing _______.
In Indonesia, the key stock index in Southeast Asia's largest economy crashed _______ percent in response to a government interest rate_______, falling commodity prices and rising inflation.
Late in the morning, the Jakarta Stock Exchange _______ trading for an indefinite period. Exchange officials say the suspension was justified because stocks have fallen more than _______ percent in three days.
Purbaya Yudi Sadewo is the senior economist with local firm Danareksa Securities. He says the interest-rate increase went _______ the global trend and created a _______ about the availability of cash for companies to borrow.
“Yesterday our central bank _______ interests rate that gave a signal to the market that they are likely to tighten liquidity conditions further, "Although under the current condition the banking system is already experiencing very _______liquidity. So to me the central bank action is out of sync with the reality. That is why we experience the worst _______in the stock market today."
Despite efforts by regional governments to bolster markets by adding cash to the financial system or cutting interest rates, investors fled markets out of fear of a severe global recession and a worsening credit crisis.
In Japan what was described as indiscriminate panic selling sent the Nikkei crashing. It lost _______percent, closing at its lowest point in nearly five years. It was the largest single-day decline since the global market crash in October _______. The government pumped nearly $21 billion into money markets, marking _______straight days of intervention.
The yen, however, surged on the back of plunging equity prices. Japan's currency is emerging as a solid favorite with investors.
In Hong Kong, the government attempted to arrest the run by cutting interest rates by one percentage point. But the Hang Seng index still_______ eight percent to a 28-month low. The index is down nearly _______percent since its record high a year ago.
Financial and telecommunications stocks led the fall on the Shanghai Composite Index, which closed _______ lower. Selling went on throughout the day, despite media reports that the government might soon _______interest rates.
The main indexes in both South Korea and Taiwan lost nearly_______ percent in the selling. And Mumbai's leading index was off more than four percent in late trading.
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