Global Liquidation Triggers Limit Down in Multiple Asia Markets
- Circuit breakers went off in Manila, Jakarta, and Seoul
- Margin calls, liquidations forming negative spiral: CMC’s Yang
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Stocks in Asia tumbled anew as anxiety about global recession grips investors. Circuit breakers were set off in multiple markets even as global governments and central banks are seen taking unprecedented measures to stem a public health crisis.
Trading halts were triggered from Manila and Jakarta to Seoul and Karachi. Shares in the Philippines tanked as much as 24% after resuming trading from a two-day shutdown, spurring the exchange to review its circuit breaker rules. The country’s benchmark index pared losses to close down 13%, a record fall. South Korea’s Kospi fell as much as 9.5%, while Indonesian benchmark plunged 5% before tripping a suspension for the fourth time in six days.