Most of the Asian stocks are reportedly suffering from great decline for almost two weeks now due to worsening global economic outlook.
In the U.S., the Standard & Poor's 500 Index dropped 2.2 percent yesterday. General Motors Corp. sank to the lowest price since 1943 as the automaker crept closer to bankruptcy. Insurers dropped after Goldman Sachs Group Inc. said investment losses may force them to raise more capital and threaten credit ratings.
Crude oil for December delivery fell 0.6 percent to $58.95 a barrel recently on the New York Mercantile Exchange on speculation the International Energy Agency will cut its 2009 oil-demand forecast because of slowing economic growth.
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