Richmond Tung

WASHINGTON: Asian markets were sharply down in early trade after another heavy rout on Wall Street, as the US called on the G-20 countries to meet in Washington on the global financial crisis.

Japan spearheaded the decline, with its main index tumbling more than seven per cent at one point, hitting the lowest level in more than five years as fears of a global recession grew.

The Nikkei stock index recovered some of its losses by lunch, and was 5.52 per cent lower, or dipping 478.95 points to 8,195.74.

Other major markets across Asia were also heavily in the red.

Click here to read more. (Source CNA)

Commentary:

More panic selling within the markets with sentiments again over-riding the fundamentals and strong foundations that some good quality companies have uphold. More panic selling will be expected from the markets and today will be no different. Asian Markets open down again and we may expect further declines that will hit rock bottom.

Cash is king here but prudent investing now into good quality stocks, unit trusts or even certain currencies are well worth the time. This is the time when there is fear in the market the smart investor becomes greedy.