Markets take a dive in Asia
- added September 30, 2008
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Hong Kong, India hit hard as stocks plummet.
Shares of media and entertainment companies in Asia received a pounding Monday, with those in Hong Kong and India hardest hit, as the progress through Congress of the U.S.' $700 billion rescue plan failed to impress.
Shares in Hong Kong's largest media company, PCCW, fell 11% to a five-year low of HK$3.07 (40¢) compared with the wider Hang Seng index, which was off by 4.3% to a two-year low of 17,880.
Markets across the Asia-Pacific region fell Monday, with the exception of New Zealand, which was little changed, and Taiwan, which was closed following Sunday's powerful typhoon.
Japanese stocks saw relatively gentle trading compared with Hong Kong and India. The wide Topix index dropped by 1.7%, but Japan's movie majors Toho and Shochiku managed small gains. Sony and Toei slipped less than 1%.
PCCW's share performance reflected concern over the proposed $2 billion private equity buyout of its media interests.
Fears are that large, leveraged buyouts of this kind will be blown off track or become impossible if banks are unwilling to lend to buyers.
Shares of media and entertainment companies in Asia received a pounding Monday, with those in Hong Kong and India hardest hit, as the progress through Congress of the U.S.' $700 billion rescue plan failed to impress.
Shares in Hong Kong's largest media company, PCCW, fell 11% to a five-year low of HK$3.07 (40¢) compared with the wider Hang Seng index, which was off by 4.3% to a two-year low of 17,880.
Markets across the Asia-Pacific region fell Monday, with the exception of New Zealand, which was little changed, and Taiwan, which was closed following Sunday's powerful typhoon.
Japanese stocks saw relatively gentle trading compared with Hong Kong and India. The wide Topix index dropped by 1.7%, but Japan's movie majors Toho and Shochiku managed small gains. Sony and Toei slipped less than 1%.
PCCW's share performance reflected concern over the proposed $2 billion private equity buyout of its media interests.
Fears are that large, leveraged buyouts of this kind will be blown off track or become impossible if banks are unwilling to lend to buyers.
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