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Radiation Concerns ‘Dominating Sentiment,’ Principal Global Says

March 15 (Bloomberg) -- Binay Chandgothia, who oversees about $2.2 billion as chief investment officer at Principal Global Investors (Hong Kong) comments on stocks amid growing concern about the safety of Japan’s nuclear plants damaged by the country’s worst earthquake on record.

Japan’s Topix index tumbled as much as 14 percent, its worst intraday loss since the 1987 stock market crash, while the MSCI Asia Pacific Index sank 7.5 percent:

On investor sentiment:

“There’s a panic that has crept in because of what’s happening there. People are worried about the potential impact of radiation and that is dominating sentiment at this point.

‘‘As things get clearer, markets will settle down. You just hope the danger doesn’t spread. If you do not have another day of negative news of leaking radiation and such, things will start settling down.”

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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