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Black Monday fallout

Miranda Kennedy May 23, 2006

MARK AUSTIN THOMAS: Yesterday stock markets as far flung as Turkey, Russia, Brazil and India suffered huge losses. India’s main benchmark stock index, the Sensex, tumbled 10 percent to its lowest point in three months, and trading was halted for an hour. From New Delhi, Miranda Kennedy tells us why.

MIRANDA KENNEDY: Foreign investors helped India’s stock market become one of the best performing emerging markets. This year, they invested over $4 billion. But last week, in just four days, they sold over $500 million worth of stock.

SUBIR GOKARN: There were lots of people who believed the market was overvalued.

Economist Subir Gokarn says that, plus concerns of a global economic slowdown, gave foreign investors the fear. But he says it’ll pass.

SUBIR GOKARN: There isn’t anybody on the horizon who is predicting a sort of major meltdown in the economy, and that means sooner or later money will have to come into India in search of higher returns.

Gokarn says investors won’t be able to resist the world’s second-fastest-growing economy for long.

In New Delhi, I’m Miranda Kennedy for Marketplace.

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