US - Europe Stock Market Slump Together
US - Europe Stock Market Slump Together
Posted July. 23, 2002 22:20,
On July 22nd Monday, US stock market slump again and recorded the Black Monday after Black Friday.
The New York stock market, which already showed a slump trend on July 19th took another dive due to panic of WorldCom bankruptcy and announcement of City Group under congressional investigation involving Enron scandal. At the end of the trading day, there were even signs of sacrifice sales.
The Dow Jones Industrial Average has recorded 7,784.44 with 2.93% (234.82 pts.) decline. This is first time in forty-five months since October 1998 to drop below 8,000 points.
NASDAQ average has recorded 1,282.55 with 2.77% decline (36.60 pts.).
S&P 500 average has closed the day recording 819.83 with 3.29% decline (27.93 pts.). For both NASDAQ and S&P 500, this is their lowest record since May 1997.
The poor quarterly performance of Bell South, a largest US telephone company and withdrawal of Nigeria from OPEC also help the slump in US Stock market.
In Europe, due to World Cup shock and questionable financial credibility of AEGON Group, a Dutch Insurance company caused last moment sacrifice sales that slump the European stock market. Europe has also recorded a Black Monday.
The FTSE EuroTop100 took 5.1% decline. London stock markets FTSE100, Frankfurts DAX30 and Paris stock markets CAC30 took 5.1%, 4.95% and 4.5% decline accordingly.
While the Korean stock market has taken a sudden reactionary rise and regain 740s line. However the foreign traders have sold about 948 billion won and the rise was due to program trade purchases so the upward trend is still in question.
On July 23rd the Korean Composite Stock Index has recorded 743.52 with 3.14% rise (22.62pts.). The trading volume has recorded the highest with 23.7929 billion shares with 18.3279 billion shares belonging to Hynix Semiconductor Ltd.
KOSDAQ has recorded 61.61 with 3.93% rise (2.33pts). The decline of Dow Jones and NASDAQ in the US has caused a momentary decline in the Korean Composite Stock Index. It began the day with 715.81 but trouble in the US had cause a momentary decline to 709.31. Due to program trade purchase of 1619 billion won, the Korean stock market has recovered its upward trend.
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