Today asian stock market dived as a result of continued fear on US market slowdown and problem with Lehman Brothers and the credit crunches due to subprime mortgage which affected Freddie Mae and Fannie Mac. Nekkei 225 index, Hong Kong stock index, South Korea's Kospi, Taiwan benchmark, Australia and New Zealand all suffered negative points.
Philippine Stock Exchange Index (PSEI) suffered one of its biggest negative points as it sheds more than 100 points to its present index. Trading is a bit gloomy in this weeks tradings. Although, oil prices is down (about 97 per barrel) but fear and speculation on US economy affected Asian market especially the Philippines. Coupled with low peso rate againts the dollar, prices of imported products would definitely go up. Inflation for this month is as high as 12% which prompted the goverment to re-assess its economic target for this year.
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