Mining operations, energy producers and companies that manufacture products like chemicals, plastic and metals fell the most on Monday, weighed down by sliding commodities prices and weakening industrial output across the world.
Other Asian markets, however, remained in negative territory for a third day on weak U.S. indicators and sliding commodities prices.
The overall stock market was almost as weak, but sliding commodities prices could have been as much cause as effect.
News that economic growth had slowed in China set off a slide in commodity prices on Monday, leading the stock market to its worst day of the year.
I have said it before: China is in for a hard landing, and you are seeing evidence in the yearlong slide in commodity prices.
John Anton, steel specialist with IHS Global Insight, told Forbes he expected to see a halt in the recent slide of commodity prices, particularly in the second half of 2009.
The dramatic downturn in the global economy since the collapse of Lehman Brothers in September and subsequent slide in commodity prices has forced the mining sector to adjust quickly.
Investors in either the American or Canadian trusts might get a nasty surprise if commodity prices slid suddenly, some industry experts say.
Although the fund is cautious about some of the effects a global economic slowdown might have on Africa, particularly if oil prices remain high and other commodity prices slide, it argues that, in macroeconomic terms at least, Africa has never had it so good.Sub-Saharan Africa's GDP is expected to grow by 6.5% this year, thanks largely to oil-producing economies such as Nigeria and Angola.
The defendants in the case include some of the world's biggest bullion producers, who have been hit by a slide in commodities prices and widespread labour unrest among miners.
