Week of Asian market turmoil

Brokers in Hong Kong and Tokyo reflect on a week of loss and frustration in Asian stock markets.

The faces tell the story, a week of unforgiving trade across Asian stock market has retted up the pressure here in Hongkong. As day after day, stock brokers deliver more bad news to more clients.

When I saw my clients losing money, I just thought really sad, it’s like no future at all, which makes me feel really depressed. In the soar glair of the price some seem accelerated others exhausted. There’s little more than one hour lag in the trading week here in Hongkong, and what a week it’s been one for the record works all the wrong reasons. Traders here won’t forget this week in a hurry.

Brokers from Hongkong to Tokyo say these are the worst market conditions they had ever seen surpassing then Asian financial crisis they see stocks tumbling across the region.

I’ve been trading stocks since 1971, I can’t remember such a dramatic drop in stock crisis in such a short period. So it’s actually quite unbelievable. It’s just, you know, it’s situation of panic selling, at this point, whereas, we are sighing it’s gone beyond credit crunch. This is credit crisis.

The long tough days take a psychological talk. I will call my clients after work, and tell them to stay calm, and wait. I won’t tell them to sell all at this moment, because the market may go up again the next day. So normally I just tell them to keep watching, and maybe there is still another drop off.

With the clock taking towards the 4 pm close, the traders begin to thinking about life outside the brokerage, making plans for a massage, Carlaokay or dancing.

At least I can step away from the market, and forget about everything. Anything to help rise the memories of this relentless week, and billions of dollars lost around the world.

Andrew Stevens, CNN, Hongkong.