Skip to comments.Bombay Stock Exchange halts trading after 9.7% drop
Posted on 01/21/2008 9:51:30 PM PST by HAL9000
via translation -
The Bombay Stock Exchange will suspend its trade after a dip of 9.7%
BOMBAY (India) - The Bombay Stock Exchange in India has suspended trading Tuesday after a dip of 9.75% at the opening in the wake of other places in Asia, she said.
The index of thirty major Indian values, the Sensex, lost 1.716,71 points to 15.888,64 points when the transactions were automatically halted for at least one hour.
The Bombay Stock Exchange had already unscrewed Monday, down 7.41% at the close, its largest decline ever recorded for a meeting.
"Investors clearly reacting to the weakness of Asian markets," noted Pashupati Advani, director of the brokerage Advani Share Brokers.
The Sensex-30 has now lost 25% since its historic high points at 21206.77 reached at the meeting on January 10.
The foreign investment fund, which had flooded the Indian stock market in 2007 with $ 17.2 billion, have now sold $ 685 million since January 1, 2008.
The Awards Asia suffered further losses monumental Tuesday in the meeting, still haunted by the fear of a recession in the United States, major customer for Asian exports, and the consequences for the entire world economy.
The Asian markets had already experienced a black day Monday, contaminating the European places which have cashed their biggest declines since the attacks of September 11, 2001 in the United States.
and calling them idiot sticks is be, well, extremely nice. I was beeee-octhing about this new move in the lending / housing sector in 2004.
You were right to do so IMO.
What kind of dumb did anyone have to be not to see this coming? It is chilling to watch the lending concerns extend this type of credit options, then get bailed out by the federal government.
Why was this legal? Our whole economic system is chocking on the bad dept, and nobody is taking responsibility except in the end, the taxpayer. And I mean, in the end!
How soon before the oil companies go broke? You know it will be a headline here soon enough. We’re supposed to feel sorry for them then you know...
I like natural gas and transportation thereof. What do you know about new, only IPO: WMZ?
10-Year Note, Mar 117'26.0 1'27.5
I don’t. Are you showing me some great rates?
The US had tons of debt service coming due in 2005-2007 from t-bills, bonds, etc. After W was re-elected, 'the game' started. Now the big money brokers in the world are calling in (have called) their markers (IOU's; well already called in.
The artificial housing boom created economic activity here and helped millions of illegals send back badly needed cash to their home countries.
If one looks as the timing of all this, it's not hard to see The New World Order working to some degree. Lending capital has dried up because of past wages and bonuses paid, and now, all that labor and material is sitting on lots of new homes with no one to buy.
The net effect deflates our economy as prices for commodities has skyrocketed as the dollar has and continues to fall.
There's a US Congressman that has just left office to manage a huge trillion dollar hedge fund.
Today with all the different types of derivatives available, the trillion dollar hedge funds managed are off-shore by LLC's. There are associated (needed) 'commercial banks off shore providing tax shelters to the rich and governments to hide who's moving what. Do not think for one moment that US tax dollars controlled by the central bank haven't been used to short the US consumer / investor a few hundred billion here, a few hundred billion there. Though all highly illegal to conspire to even to do such by US law of our own government, this has to be done in that 'sharing the wealth and sharing the losses' is what keeps the global economies afloat with economies like that of the US, operating in debt, can survive. Ever wonder what the gov does with all the Medicare and SS money we cough up and exactly what those funds balances do week to week?
IOW, somehow, the power brokers, uggghh, the really big dogs need to stay 6 months to 2 years ahead of the money moves of the general public. This is the shell game that is played now. Derivatives were contrived to service our debt and control money flow between nations with the intentions to laundering that very same flow.
Call me crazy if you like.....it's how 'they' maintain control as we (the US) needs a huge stake to play now in the business of global politics and the global economy.
The timing of all this plays snuggly for the period of Bush's last term.
The world's banks and governments use the same philosophies to manage the world economy to a degree. Large chunks of US debt had to be 'serviced' too back 2005-2007. Now we see and feel the cost to us of our government's debt. That's how it's done.
That might look good in a year.
What will be the new debt consolidation classification for the shell game in the next 4 years, for the big banks, that is.
Bet ya all that money (debt) leftover from the the new CDO's etc., after the stock sell offs will be under a new name for sure.
Brokers do not want the average Joe selling off too as they need to maximize the returns on their sell offs. This is what the MSM is shilling for with the financial pundits on screen at this time. The big guys have to meet the margin calls now in attempts to cover the debt derivatives going belly up.
This really screws up their ongoing computer calculations today to cover their butts, hence, the shilling and now why we have circuit breakers in place to halt trading like we are seeing. A big variable in these conditions.
The reason the banks do not know the extent of their further write offs, write downs is just because of this.
The big dogs are racing one another to beat each other to the punch.
I dislike the way this is couched as a family home bail-out, when it’s really a corporate bailout. If corporations weren’t going to be in trouble, these homes would fall out and nobody but nobody would get a dimes worth of help.
You can bet folks are going to work this to their advantage. You’re probably only seeing the first evidences of it. Like you said, the next four years will be interesting.
But even she avoided the truth of the matter with a ten foot pole. Banks were/are required to provide specialized loans in certain parts of many cities. Failure to do so is against the law.
Now last night I was watching a new report in which the group ACORN was talking to folks about their foreclosures and the lady who was talking was telling them, “It is not your fault, you are the victim here in a Predatory Lending scheme.”
So the liberals demanded and legislated we loan money or be prosecuted for discriminatory lending practices and now the banks are predatory lenders when those who couldn’t get the loans under normal circumstances default.
Ever wonder that the last 3 of 4 POTUS’s have conveniently had 2 terms of 8 years total? Parallels real nicely with the general economic and housing cycles. Maybe needed to ‘control’ things for paying for the US deficit spending?
ping to post 215
Don’t worry, government to the rescue again! (and again, and again, and again)
I agree with your statement on gold.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.