Hong Kong's Hang Seng was down 3.8 per cent for the day, bringing total losses to 11.7 per cent - well past correction territory.
The lead from Wall Street is bad as the mid-day sell-off sent the Dow into correction territory.
USA markets remained the epicenter of the global sell-off, with the Dow plunging 4.1 percent and the S&P 500 sinking 3.7 percent overnight.
Consumer companies had some of the worst losses with China-facing vitamins supplier Blackmores down 4.3 per cent to $154.01 and infant formula maker Bellamy's down 5.5 per cent to $13.67. The Dow and the broader Standard & Poor's 500-stock index are down more than 10 percent from their all-time highs, taking the markets into "correction" territory for the first time in two years.
With everything happening, it's still too early to jump into the market for bargains, he said.
Investors and brokers monitor the market at the Colombo Stock Exchange, April 23, 2010.
'My money remains on equities - but rotating (and buying on weakness) into "value" areas of the market that have lagged in the recent momentum-driven rally, ' he said. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.
'We have been concerned by demanding equity valuations and by apparently complacent investor sentiment, evident in such low stock market volatility, ' he said. The housing industry is solid and manufacturing is rebounding.Читайте также: Earnings Prediction Review: Plains All American Pipeline, LP (PAA)
In economic news, Federal Reserve Bank of Dallas President Robert Kaplan said on Thursday that the recent correction in US stocks will have little impact on the broader economy, a sign that the FOMC still plans to raise interest rates at least three times in 2018. Personal debt has lightened since the financial crisis a decade ago.
Major economies around the world are growing in tandem for the first time since the Great Recession and corporate profits are on the rise.
The Hang Seng finished modestly higher on Thursday following gains from the casinos, weakness from the oil companies and mixed performances from the properties and insurance stocks.
He argued that the sell-off of the last few days, sparked by fears of higher United States interest rates following better-than-expected jobs data, showed "how easy it would be to get to the next financial crisis if inflation really started to misbehave, as most of this price action stems from a hint of it". Fast rising interest rates would make that argument much less persuasive.
In currencies, the dollar edged up 0.2 percent to 108.985 yen, after slipping 0.5 percent overnight. The euro slipped to $1.2263 from $1.2276.
US crude futures were down 0.9 percent at $60.58 per barrel after hitting a seven-week trough of $60.27 on Thursday amid fears of rising global supplies after Iran announced plans to increase production and USA crude output hit record highs. Brent crude gave up 70 cents, or 1.1 percent, to $64.81 per barrel. It sank $1.35, or two per cent, to finish at $65.51 a barrel in the previous session.
The Aussie was trading at 77.76 United States cents at 1700, from 78.25 USA cents on Thursday.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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