![A broker monitors share prices at a brokerage in Hong Kong October 8, 2008. Hong Kong shares dropped 5 percent to fall below the 16,000 point-level for the first time in more than 27 months as investors fretted over the inability of broad-stroke policy measures to end the global credit crisis. [Reuters]](http://images.china.cn/attachement/jpg/site1007/20081009/000cf1a487730a57e0c414.jpg "A broker monitors share prices at a brokerage in Hong Kong October 8, 2008. Hong Kong shares dropped 5 percent to fall below the 16,000 point-level for the first time in more than 27 months as investors fretted over the inability of broad-stroke policy measures to end the global credit crisis. [Reuters]") |
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A broker monitors share prices at a brokerage in Hong Kong October 8, 2008. Hong Kong shares dropped 5 percent to fall below the 16,000 point-level for the first time in more than 27 months as investors fretted over the inability of broad-stroke policy measures to end the global credit crisis. [Reuters]
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One Japanese analyst said that to gain an upturn in the global financial markets, he believed the US government would need to decide on injecting public money into the banking systems. But he noted that this was a "touchy situation" in the lead-up to the US presidential elections.
Shinichi Ichikawa, Director of Equity Research of CS Securities said "I really believe that to improve in a global financial market, the US government should decide to inject public money into the banking systems. Before that, so we cannot expect any advancement to settle down these problem."
The carnage was also brutal in Hong Kong, where shares dropped 5 percent to fall below the 16,000 point-level for the first time in more than 27 months.
Feelings about the financial crisis are starting to reach fever-pitch, with hundreds of investors who bought Lehman Brothers minibonds demanding banks buy back their minibonds.
Francis Lun, General Manager of Fulbright Securities said "If major banks aren't safe then this is really nothing is safe so that's why, despite all the efforts by the European governments and the US government, the market is still in a state of shock and everybody is running for cover, everybody wants safety."
In Shanghai, the Composite Index dropped over 3 percent, closing at 2,092.22 points on Wednesday. Many analysts see psychological support for the index at 2,000 points. But they don't rule out a break below that level if foreign markets continue sliding.
Investors said they were hoping for future government measures to help the stock market.
One investor said "Investors don't feel good about this stock market. 80 percent of my money is now in a savings account in the bank, I have quit investing."
Indonesia halted trading on its stock exchange on Wednesday, after the benchmark stock index plunged 10 percent. Key indices in South Korea, Taiwan, Singapore, and New Zealand were also sharply lower.
(CCTV October 9, 2008)
