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A look at financial developments around the world

A look at financial developments around the world

A look at what happened in some stock markets around the world Monday:
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VIENNA, Austria _ An Austrian bank has become the country's first financial institution to ask the state for help because of the worldwide financial meltdown. The Vienna-based Kommunalkredit says it has begun talks with the Finance Ministry over measures to ensure the bank's liquidity and stability. The Austria Press Agency said the talks focused on the possibility of the state acquiring part of the bank, the country's eighth largest, or of an increase in the bank's holdings by its present shareholders.
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TOKYO _ Japan's key stock index plunged more than 6 percent to its lowest close in more than a quarter century as investors grew increasingly gloomy about the outlook for the world's No. 2 economy. Unnerved by the financial crisis fallout and the yen's recent surge, investors unloaded banks and exporters like Toyota and Sony. The Nikkei 225 index shed 486.18 points, or 6.36 percent, to 7,162.90 _ its lowest closing level since October 1982. The benchmark has lost more than 20 percent since last Monday and nearly 40 percent in the last month. The broader Topix index posted an even steeper fall of 7.4 percent to 746.46.
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BANGKOK, Thailand _ Trading on the Thai stock market was temporarily halted after the benchmark index tumbled 10 percent, triggering an automatic 30-minute break. The Stock Exchange of Thailand, or SET, index was at 389.58 points when trading was suspended, said exchange President Pattariya Benjaphonchai. It ended up closing the day down 45.4 points, or 10.5 percent, at 387.43.
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MANILA, Philippines _ Philippine stocks plummeted with steep losses triggering a circuit-breaker that automatically halted trading for 15 minutes. The Stock Exchange index plunged 239.66 points, or 12.3 percent, to 1,713.83 points, the lowest close since September 2004 and the biggest one-day drop since February 2007. Decliners outnumbers gainers 123 to five, with 13 stocks unchanged.
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TAIPEI, Taiwan _ Taiwan shares plummeted 4.65 percent on after the government ended a temporary measure that halved the daily decline limit for stocks. The weighted price index of the Taiwan Stock Exchange fell 212.75 points to close at 4,366.87 points. The government halved the 7 percent daily decline limit to 3.5 percent for the past two weeks to restrain a sell-off amid the global financial meltdown.
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HONG KONG _ Hong Kong's main stock index plunged more than 12 percent, closing at its lowest point in more than four years amid deepening fears about the world economy and company profits. The blue-chip Hang Seng Index tumbled 1,602.54 points, or 12.7 percent, to 11,015.84 _ its worst close since May 2004. The benchmark is off more than 50 percent this year.
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SHANGHAI, China _ China's key stock index slumped to its lowest level in more than two years, as investors reacted to dismal earnings reports and selloffs in overseas markets. The benchmark Shanghai Composite Index lost 6.3 percent, or 116.27 points, to 1,723.35. It was the index's lowest close since it ended trading at 1,712.64 on Sept. 26, 2006. The Shenzhen Composite Index lost 6.5 percent to 472.99.
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FRANKFURT, Germany _ Germany's DAX recovered early losses to trade only 0.5 percent lower at 4,276. This was helped by an 80 percent rise in the share price of Volkswagen AG following news that Porsche AG wants to increase its stake in the car manufacturer.
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PARIS _ The CAC 40 in France fell 4 percent at 3,067 after being almost 7 percent lower. Renault SA and Peugeot SA fared worst after saying they are expecting to be hit hard by the economic downturn.


Updated : 2021-04-21 08:02 GMT+08:00