Market News: Asia stocks at 2-yr low;
(Reuters) - Asian stocks slipped to a two-year low on Friday, falling for a
fourth straight week, as a surge in oil prices to above $121 knocked the U.S.
dollar and the spiraling financial crisis showed no signs of ending.
Crude prices have been driven up 6.5 percent this week on escalating tensions
between the United States and Russia, the world's second-largest oil exporter.
Russia's military intervention in Georgia has disrupted crude transit,
supporting prices.
A rise in commodity prices cut short a two-week rally in the U.S. dollar,
though analysts said the currency's 1.3 percent decline this week was
understandable given its stellar rise recently and that an upward trend is
still intact.
The MSCI pan-Asia stock index .MIAS00000PUS was down 0.3 percent, after hitting
a two-year low in early trade. The Asia-Pacific ex-Japan index .MIAPJ0000PUS
edged up 0.2 percent though was off 2.7 percent on the week.
South Korea's KOSPI tumbled about 2 percent to a 16-month low, with shares of
the country's top retail lender leading the index lower.
THE END IS NEAR?
Some analysts said Asian markets were getting closer to a bottom, assuming that
the U.S. recession began when regional markets peaked in November 2007.
"We think the start of the recession will be pinned down to November last year
-- which means that, as long as this is just a normal cyclical recession, the
bottom for stocks could come very soon," said Garry Evans, Asia-Pacific equity
strategist with HSBC in Hong Kong.
Over the last 50 years, U.S. recessions lasted between six and 16 months. U.S.
stocks on average bottomed four months before the economy would level out and
Asia stocks about a month later, Evans said in a research note.
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