Tokyo stocks fall sharply; Taipei, Hong Kong open
(3 Oct 2008) SHOTLIST Tokyo, Japan 1. Various shots of Tokyo Stock Exchange interior 2. Various of electronic stocks board 3. Set up of Executive Director of Economic and Rates Research, JP Morgan Securities Japan Co.,Ltd, Masamichi Adachi 4. SOUNDBITE (English) Masamichi Adachi, Executive Director of Economic and Rates Research, JP Morgan Securities Japan Co.,Ltd. "As you may know, Japan is heavily reliant on global economy so that's why (they) invested especially in equity markets. They are so worried about their corporate performances, not only in the coming half year, but more of a longer term. So even if US authorities' effort to save the financial market works, that means legislation will pass today, I mean tomorrow, I think in Japan's time, we still worry about whether it could help the whole problem. Of course it saves some part of the financial market and of course it is definitely better than nothing. But it doesn't, I think, save everything because the issue is the confidence within the financial market." 5. Wide of Tokyo Stock Exchange trading floor Hong Kong 6. Wide of Hong Kong Stock Exchange trading floor as opening bell rings 7. Various of traders on Hong Kong Stock Exchange trading floor 8. Close up of electronic display showing Hang Seng Index 9. SOUNDBITE (English) Howard Gorges, Director, South China Brokerage: "The market opened lower this morning, down nearly three per cent in early trade, then began to recover somewhat. People are apprehensive about the congressional vote in the USA tonight, and also, they've been put off by overnight economic data in the States - employment figures were not what the market was hoping for." 10. Wide of Hong Kong Stock Exchange trading floor 11. Various of electronic display board showing stock prices Taipei, Taiwan 12. Wide of interior of securities firm 13. Various of investors watching share prices on monitors 14. Staff at firm 15. Monitor showing Taiwan Weighted Price Index and chart 16. Close-up chart showing performance of Taiwan stock in the morning 17. Close-up figure reading 5653.22 points, dropping 50.5 points or 0.88 percent 18. Investor using computer STORYLINE: Japanese shares plunged, Hong Kong stocks slumped and Taiwan stock markets shed slightly for two consecutive days early on Friday, amidst lingering uncertainty about the fate of the US financial bailout package and persistent worries about the health of the world economies. The Senate's endorsement of the 700 (b) billion US dollar financial bailout plan failed to relax the credit markets, with investors worried that the passage of the bill may not prevent the economy from sinking into a prolonged recession. In Japan, the benchmark Nikkei 225 index fell 157.78 points, or 1.41 percent, to 10,996.98. The broader Topix index fell 25.09 points to 1,051.88. Nikkei index went below 11,000.00 level since May 2005. "Japan is heavily reliant on global economy so that's why (they) invested especially in equity markets. They are so worried about their corporate performances, not only in the coming half year, but more of a longer term," said Masamichi Adachi, Executive Director of Economic and Rates Research, JP Morgan Securities Japan Co.,Ltd. "It saves some part of the financial market and of course it is definitely better than nothing. But it doesn't, I think, save everything because the issue is the confidence within the financial market," Adachi added on the subject of the US financial bailout. Meanwhile, in Hong Kong the benchmark Hang Seng Index dropped more than two per cent at market opening, down 422.12 points to 17,788.99. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
