More losses on the cards
By GARETH HEWETT
INVESTORS braced themselves for further losses in equities last night as share prices fell in New York and London.
The Hang Seng London Reference Index was down 89.46 points in afternoon trading in London, taking the estimate of the Hang Seng Index to 6,878.47 points.
London stocks stumbled on interest rate fears, taking 41.8 points, or 1.4 per cent, off the FTSE-100 index.
At the opening of trading in New York, the selling continued. The Dow Jones industrial average was off 25.57 points or 0.6 per cent to 3,843.
In the past three trading days, the index has fallen 85 points or 2.2 per cent.
Yesterday, the Hang Seng Index fell 310.17 points or 4.26 per cent to 6,967.93, its lowest point since the autumn of 1993.
The fear of an interest rate rise in the United States at the end of the month, coupled with heavy selling in Tokyo, triggered a regional sell-off.
The Japanese Nikkei 225 was off 1,054 points, or 5.6 per cent, to 17,785.
A Reuters report said US stocks were lower in early trade.
This reflected Tokyo's big fall and the subsequent weakness in European exchanges.
The morning's sell-off was also a carry-over from last week's poor performance, especially in terms of market breadth, analysts said.