Calmer voices emerge amid market carnage
Observers say continued selldown an issue of confidence rather than sign of coming recession or financial crisis
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Singapore
ASIAN stocks took another beating on Thursday after US stocks fell on Wednesday night. Hong Kong's Hang Seng Index fell below book value for the first time since the Asian financial crisis; China's Shanghai Composite fell through the 2,900-point barrier.
Observers say forced selling by oil producers' sovereign wealth funds, along with unwinding of various trades, could be behind the continuous bleeding.
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