Monday, May 22, 2006

 

India on alert for suicides after stocks slide

Another portentous omen, third world stock markets tend to fall apart before the U.S. stock market. India's stock market is only off 22% from its highs and they are already on suicide alert. That means there was a lot of speculation going on in that market.

"I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans."

In the 1990s, a stock market meltdown led to several bankrupt brokers and small investors committing suicide across India, some of them drowning in rivers or throwing themselves off highrises.

Analysts described the market slide -- which has been as much as 22.4 percent from an all-time high of 12,671.11 points on May 11 -- as a correction and said order should return soon.

"It seems overdone and the market should stabilize during the second half of this week," said Rajat Jain, Chief Investment Officer, Principal Asset Management Company Pvt Ltd.


I want to point out a couple of things. First, never listen to CIOs of investment companies for your investment advice. Second, this is under Reuters' oddly enough category. Suicide, hahaha.

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