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ASIA-Markets seen shaky after Bhutto assassination

Sunday, December 30, 2007

SYDNEY, Dec 28 (Reuters) - Asian stocks are expected to
fall on Friday, after news of assassination of Pakistani
opposition leader Benazir Bhutto sparked fears of global
unrest.

Markets in the U.S. were unsettled by the news, with
investors shifting into safe haven buys such as gold and U.S.
Treasury bonds, a typical move in times of political
instability.

Asian shares listed on Wall Street .BKAS dropped 2.06
percent, also hurt by worries about the U.S. economy that
brought down U.S. shares.

Indian-based American Depositary Receipts were dragged
lower as Bhutto's death raised concerns about stability in
South Asia.
Among the biggest losers were, Mumbai-based commercial vehicle
maker Tata Motors Ltd (TTM.N: Quote, Profile, Research), down 6.4 percent to $18.18,
Indian telecommunication company Videsh Sanchar Nigam Ltd
(VSL.N: Quote, Profile, Research) ADRs shed 5.1 percent to $37.60 and lender ICICI Bank
Ltd (IBN.N: Quote, Profile, Research) lost 5.8 percent to $59.67.

MSCI's measure of Asian stocks excluding Japan
.MIAPJ0000PUS last traded down 0.2 percent.

Japanese stocks are likely to extend losses, with exporters
such as Sony Corp (6758.T: Quote, Profile, Research) seen pressured due to a firmer yen
and weighed down by Bhutto's killing.

Nikkei futures traded in Chicago 2NKc1 closed at 15,425
on Thursday, 175 points below the previous close in Osaka
JNIc1.

Australian and New Zealand shares started lower, mirroring
the decline on Wall Street.

HEADLINES: >Bhutto assassinated, Pakistan faces crisis

[nL27154356] >Wall St sinks with Bhutto killing, financials'
view [nN27430181] >US durable goods weaker than expected in Nov

[nN27394856] >Oil rises on Bhutto killing, US inventory
drop [nSP267316] >Merrill Lynch plans to lay off 1,600 -
CNBC [nN27412583] >Wall Street firms face larger
writeoffs-Goldman [nN27302523] >China flags yuan policy
shift, growth seen strong [nPEK232119] >Bush condemns
assassination of Pakistan's Bhutto >COMMODITIES-Gold, oil rally
on dlr, Bhutto killing [nN27429378] >Gold jumps after Bhutto
death, platinum hits recor [nL27593736] >US wheat prices tumble
on profit-taking, soy sags
[nN27421128]

--

KEY INDEXES pct change

Bank of New York Asia ADR index .BKAS -2.06

Dow Jones Industrial Average .DJI -1.42

Nasdaq Composite Index .IXIC -1.75

MSCI Asia Pacific ex-Japan .MIAPJ0000PUS -0.2

Nikkei futures in Chicago 2NKc1 -1.97

Nikkei futures in Osaka JNIc1 -0.06

Posted by MOHAMED SAID at 11:37 AM  

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