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CIMB’s Tang Says Investors ‘Panicky’ on Japan Nuclear Accident

Raymond Tang, who oversees $6.4 billion as chief investment officer at CIMB-Principal Asset Management Bhd. in Kuala Lumpur, comments on the impact on stocks of Japan’s nuclear accident following its strongest earthquake.

Japanese Prime Minister Naoto Kan said the risk of further radiation leaks is rising after a third explosion rocked the Fukushima power plant north of Tokyo and he warned people living within 30 kilometers to stay indoors. Tang made these comments in a telephone interview.

“Markets are getting very nervous over what’s happening in Japan. People are being risk averse and panicky as the fear-mongering passes on to the general population and are fed to the markets.

‘‘I don’t know how much fear is gripping everything now. A nuclear meltdown is something I’ve never experienced before. I’m still analyzing” what action to take.

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