New York - Major US stock indices posted steep drops Monday after the International Monetary Fund predicted more losses for financial institutions and "no bottom" in sight to the US housing crisis.

The IMF stood by its prediction of 1-trillion-dollar combined losses in the financial sector stemming from the one-year-old credit crisis in the United States - more than double the writedowns reported to date by banks and mortgage lenders.

New York - Major US stock indices posted steep drops Monday after the International Monetary Fund predicted more losses for financial institutions and "no bottom" in sight to the US housing crisis.

The IMF stood by its prediction of 1-trillion-dollar combined losses in the financial sector stemming from the one-year-old credit crisis in the United States - more than double the writedowns reported to date by banks and mortgage lenders.

Karachi  - Pakistani stocks nosedived 4.11 per cent Monday ahead of a central bank meeting that was expected to bring a jump in interest rates, traders said.

The benchmark KSE-100 Index of the Karachi Stock Exchange fell 453.68 points to close at 10,578.49.

The plunge was seen a day before the State Bank of Pakistan was forecast to lift its discount rate by 1 per cent to 1.5 per cent to fight inflation.

A rate hike could make investments in stocks less lucrative for investors compared with government-sponsored bonds.

Tokyo - Tokyo stocks opened higher Monday on overnight gains in the US market and a weaker yen.

The Nikkei 225 Stock Average rose 71.07 points, or 0.53 per cent, to 13,405.83.

The broader Topix index of all first-section issues was also up 6.38 points, or 0.49 per cent, to 1,304.66.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 107.85-90 yen, up from Friday's 5 pm quote of 106.78-80 yen. A weaker yen helps boost Japanese companies' earnings overseas.

For the second successive week, Indian stock markets gained helped by lower than expected inflation numbers, encouraging worldwide signals and heavy buying action by funds.

The Sensex breached the mark of 15k during the week ended July 25, on the back of positive response.

The Sensex on Friday (July 25) closed the week at 14,274.94 after losing 502.07 points, while the broad based Nifty ended at 4311.85 points, down 121.7 points.

Alex Mathew, head - research centre, Geojit Financial Services said, “Nifty closed lower at 4,311, on weak European and Asian markets. Our markets were moving higher by 18.8% in the last one weak, showing slightly over situation. Nifty will remain in a range of 4,123 (50 DMA). A major upward or downward trend will emerge only if Nifty breaches these levels.”