THE roller-coaster gyrations of Asian stock and currency markets over the past week have had an impact far beyond the region.
As far afield as Britain, companies which in the past have gained from exposure to Asia's high growth markets are feeling share price pressure as they tremble in the wake of Asian financial turmoil.
Well-known firms, such as HSBC Holdings, Standard Chartered and Cable & Wireless (C&W), have been among the most heavily hit, but investor nervousness has affected other companies.
Major chemical, engineering, oil and utility companies quoted on the London Stock Exchange are regarded as vulnerable.
Since August 12, HSBC has seen its share price plummet 13 per cent on the back of the Asian currency crisis, while Standard Chartered, which has more exposure to the region, has seen its stocks dive 25 per cent since reaching a peak on August 7.
Bank-sector analysts say they will not change their earnings estimates, but they recognise that currency devaluations in the region, allied to fear of higher interest rates, hold a potential impact that would be reflected in bank share prices.
