Further fall in Japanese stock markets

Japan’s Nikkei stock lost almost 7% of its value, as the sufferings continued. After the news that Sony had halved its full-year profit forecast, a gloom spread over the market.

On the other hand, South Korea announced that growth in its economy was at s four-year low because of the current financial crisis.

South Korea’s benchmark stock index fell below 1,000 points for the first time since in more than three years.

South Korean electronic firm Samsung announced that it third-quarter profits were 44% down though there was a rise in sales.

The Nikkei fell below the 8,000 mark in afternoon trading in Tokyo and it happened first time in more than five years. A strong yen is a cause of concern about Japan’s export earnings.

In early trading on Friday, Hong Kong, Singapore and Australia all had to see losses.

Alan Greenspan, former US Federal Reserve executive, warned the world against continued “once-in-a-century credit tsunami” that had severe impact on a lot countries’ economy.

Wall Street saw another volatile trading day on Thursday after weak corporate earnings heightened fears of a United States recession.

Before closing the day at 172 points, the main Dow Jones index dropped as low as 8,251 points.

On the other hand, tech-heavy NASDAQ lost 0.73% and closed at 1,603.9 points.