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Asian stocks dive as panic erupts over financial crisis
Submitted by News on 09/Oct/2008
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Asian stock markets went into a tailspin, with Tokyo down more than 10 percent as fears grew that the global financial crisis is spiralling out of control, dealers said.
It was Tokyo's biggest plunge in two decades as investors took fright at news that the credit crisis has claimed a big victim in Japan with the
bankruptcy of Yamato Life Insurance.
The bloodbath quickly spread to other markets. Sydney plunged 6.5 percent, Singapore lost more than seven percent and Seoul was down 7.5 percent. Shanghai opened 3.8 percent lower as Hong Kong slid 7.7 percent.
"It is ghastly," said Macquarie Equities associate director Lucinda Chan in Sydney. "Investors are buying up gold. It's the only safe haven бн"
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