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Posted by Monitor on August 22, 2008, 1:31 am
Market News: Asia stocks at 2-yr low;
(Reuters) - Asian stocks slipped to a two-year low on Friday, falling
for a fourth straight week, as a surge in oil prices to above $121
knocked the U.S. dollar and the spiraling financial crisis showed no
signs of ending.
Crude prices have been driven up 6.5 percent this week on escalating
tensions between the United States and Russia, the world's second-
largest oil exporter. Russia's military intervention in Georgia has
disrupted crude transit, supporting prices.
A rise in commodity prices cut short a two-week rally in the U.S.
dollar, though analysts said the currency's 1.3 percent decline this
week was understandable given its stellar rise recently and that an
upward trend is still intact.
The MSCI pan-Asia stock index .MIAS00000PUS was down 0.3 percent,
after hitting a two-year low in early trade. The Asia-Pacific ex-Japan
index .MIAPJ0000PUS edged up 0.2 percent though was off 2.7 percent on
the week.
South Korea's KOSPI tumbled about 2 percent to a 16-month low, with
shares of the country's top retail lender leading the index lower.
THE END IS NEAR?
Some analysts said Asian markets were getting closer to a bottom,
assuming that the U.S. recession began when regional markets peaked in
November 2007.
"We think the start of the recession will be pinned down to November
last year -- which means that, as long as this is just a normal
cyclical recession, the bottom for stocks could come very soon," said
Garry Evans, Asia-Pacific equity strategist with HSBC in Hong Kong.
Over the last 50 years, U.S. recessions lasted between six and 16
months. U.S. stocks on average bottomed four months before the economy
would level out and Asia stocks about a month later, Evans said in a
research note.
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