Asian Stock Markets Fall for the Fourth Consecutive Day

October 05 00:00 2011

NEW YORK, 5 October ( – Asian stocks fell for the fourth day yesterday, as investors remained skeptical. Degrading Italy’s credit rating added fuel to European Crisis.

The Asian markets witnessed a continuous fall on the fourth day too, as Italy’s degrading credit rating supporting European crisis added to the worries of investors. The MSCI Asia Pacific Index dropped by 0.4% to 107.29 as on 11.24 a.m. Tokyo, and for every single stock gain two stocks went down. South Korea’s Kospi index plunged 2.1% followed by Japan’s Nikkie 225 stock average that was down 0.8%. Hong Kong’s Stock exchange was closed for public holiday and Australia’s S&P /ASX 200 gained 0.5%.

After US market close, Italy’s Credit rating was dropped and revised by Moody’s Investors Service, which affected the Asian markets. The Moody’s have downgraded the Italy’s Credit rating from Aa2 to A2, such degradation has created negative outlook which has raised alarms to Prime Minister Silvio Berlusconi’s government.

A senior strategist in Tokyo at Mizuho Trust & Banking Co., Hitoshi Asaoka was quoted saying “No concrete measures on solving Europe’s crisis have come out” and “There won’t be an end to the market’s volatility until we see something that will calm the situation.”