HONG KONG, March 13: Asian stocks were battered by fresh credit woes and a slumping dollar on Thursday, with Tokyo hitting a 30-month low as initial euphoria over the Federal Reserve’s cash injection evaporated.
The embattled greenback plunged to a 12-year low against the yen, adding to concerns about the outlook for Japanese corporate earnings. The euro also strengthened to a fresh record against the US dollar.
Tokyo closed down 3.3 per cent, Seoul lost 2.6 per cent, Sydney shed 2.3 per cent and Shanghai declined 2.4 per cent. Hong Kong slumped 4.8 per cent while Singapore fell more than 3.8 per cent.Investors dumped shares after a troubled fund backed by US private equity giant Carlyle said it expected its creditors to seize its remaining assets after failing to strike a deal on its financing.
TOKYO: Japanese share prices closed down 3.33 per cent at a 30-month low as the yen leapt to a 12-year high against the ailing dollar, threatening to cut into exporter earnings, dealers said.
Sentiment was also dented by losses on overseas markets amid worries that the latest central bank action to try to prop up shaky credit markets will not be enough to prevent further turmoil, they said.
The broader Topix index of all first-section shares ended down 39.26 points or 3.13 per cent at 1,215.87.
Decliners outnumbered gainers 1,492 to 175, with 51 issues unchanged.
Turnover rose to 2.106 billion shares from 2.041 billion on Wednesday.
HONG KONG: Hong Kong share prices closed down 4.8 per cent, dealers said.
The benchmark Hang Seng Index closed down 1,121.12 points at 22,301.64.
Turnover was 106.84 billion Hong Kong dollars (13.70 billion US).
London-based fund Carlyle Capital is reportedly facing liquidation due to trouble related to mortgage-linked securities.
PetroChina lost 0.82 to 10.12 and CNOOC was down 0.88 at 12.38.
SYDNEY: Australian shares closed down 2.3 per cent, dealers said.
The benchmark S&P/ASX 200 index closed down 122 points at 5,135.9, while the broader All Ordinaries fell 118.4 points to 5,215.7.
Volume was around 1.3 billion shares worth 5.3 billion dollars (5.0 billion US).
Market sentiment was dampened by the better-than-expected employment data in Australia that sparked fears of another interest rate hike.
SINGAPORE: Singapore shares closed 3.85 per cent lower, dealers said.
The benchmark Straits Times Index (STI) tumbled 112.39 points to 2,805.55 on volume of 1.55 billion shares worth 1.91 billion Singapore dollars (1.38 billion US).
DBS Group lost 44 cents to 16.90 dollars. City Developments led property decliners, falling 64 cents to 10.36 dollars. Singapore Exchange dropped 73 cents to 6.67 dollars.
KUALA LUMPUR: Malaysian share prices closed 2.5 per cent lower, dealers said.
The Kuala Lumpur Composite Index lost 31.24 points to 1,201.35 on volume of 706 million shares worth 1.9 billion ringgit (601.3 million dollars).
The market is mainly down today due to profit-taking after a two-day rebound. Technical indicators show the downward trend will continue, said Tee.
JAKARTA: Indonesian shares closed 4.5 per cent lower, dealers said.
The Jakarta Composite index closed down 115.65 points at 2,440.59.
Most oil palm plantation stocks were down. Astra Agro dived 2,600 rupiah to 26,000 and Bakrie Sumatra plunged 250 to 2,050.
WELLINGTON: New Zealand share prices closed up 0.82 per cent, dealers said.
The benchmark NZX-50 gross index rose 29.08 points to 3,573.91.
Really the New Zealand market bucked the trend, certainly from the leads offshore, said James Smalley of Hamilton Hindin Greene.
MUMBAI: Indian shares closed down 4.78 per cent, dealers said.
The Mumbai stock exchange Sensex index fell 770.63 points to 15,357.35.
The selling was across the market -- retail and funds, said a broker with Motilal Oswal Securities in Mumbai.—AFP
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