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Hang Seng Index

Japan slide spurs sell-off

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Why you can trust SCMP
Carrie Lee

THE sharp fall on the Tokyo stock market yesterday took its toll on the local exchange, which saw the Hang Seng Index drop in weak turnover.

The index lost 93.3 points or one per cent to close at 9,170.64 with shares worth $5.26 billion changing hands.

It was the first time this month the turnover went below $6.5 billion. Yesterday's turnover was the lowest since October 26, when the market posted a turnover of $5.21 billion.

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''People are very worried about what's happened in Japan,'' said Barclays de Zoete Wedd assistant director Nial Gooding.

The Nikkei tumbled about 600 points to send shudders through the local market.

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If the Tokyo market goes down, Japanese will be under enormous pressure to invest in their own country and withdraw from the US treasury bond market in which they are the biggest overseas investors.

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