HONG KONG, Oct 23: Asian stocks tumbled on Thursday as concerns about the worsening global economy played on investors, despite continued efforts by governments to ease the financial crisis.

Markets ignored signs that the credit crunch may be easing and focused on the risk of a global recession, which could hit company profits, lead to rising layoffs and cut consumer spending.

The economy is likely to slump in the next few quarters so corporate profits should be squeezed. The fundamentals are quite negative still, said Tomoko Fujii, head of economics and strategy at Bank of America in Tokyo.

Tokyo tumbled more than seven per cent at one point, hitting levels last seen in May 2003. It recovered some of the losses to end down 2.46 per cent.

Hong Kong also pared early losses to finish 3.6 per cent off at a three-year low, while Sydney closed 4.4 per cent down, led by falling commodities and mining stocks.

Exporters were again battered as the yen rose further against the dollar and the euro. The Japanese currency held on to sharp gains against the greenback and was at 97.44 yen, while it was trading at 124.57 to the euro.

Data from Tokyo also showed Japan’s trade surplus had plunged 94 per cent in September from a year earlier, adding to fears its export-led recovery from recession in the 1990s has ground to a halt.

New Zealand shares lost 3.18 per cent as a record one per centage point reduction in interest rates by the central bank failed to cheer investors.

Elsewhere, Manila finished 4.6 per cent down and at a three-year low, while Jakarta gave up 3.1 per cent and Kuala Lumpur lost 1.43 per cent. Mumbai was 3.92 per cent lower.

Bangkok was closed for a public holiday.

TOKYO: Japanese stocks closed 2.46 per cent down.

At one point the benchmark index dropped 7.59 per cent to hit a level last seen in May 2003.

The broader Topix index of all-first section shares lost 17.53 points or 1.97 per cent to end at 871.70.

Companies which rely heavily on Europe for business were among the worst hit. Mazda Motor slid 11 per cent to 220 yen. Seiko Epson fell 5.8 per cent to 1,775 yen and Sony dropped 6.3 per cent to 2,295 yen.

Mizuho Financial lost 7.5 per cent to 309,000 yen. Mitsubishi UFJ Financial dropped 6.3 per cent to 725 yen while Sumitomo Mitsui Financial shed 4.2 per cent to 484,000 yen.

HONG KONG: Shares closed 3.6 per cent down.

The benchmark Hang Seng Index fell 506.11 points to 13,760.49. Turnover was 56.46 billion Hong Kong dollars (7.24 billion US). It was the index’s lowest close since May 27, 2005, when it ended at 13,714.78.

Energy and resources firms led the declines on concerns over a global slump in demand for metals and falling crude oil prices.

Oil producer CNOOC tumbled 8.1 per cent, while PetroChina fell 5.1 per cent.

SYDNEY: Australian share prices closed 4.4 per cent lower.

The market came close to three-year lows as it was battered by big losses in the resources and mining sector.

Australia’s benchmark S&P/ASX 200 index dropped 181.7 points to close at 3,974.4, while the broader All Ordinaries fell 180.8 points, or 4.4 per cent, to 3,939.3.

Copper fell 7.2 per cent in Asian trading on the London Metals Exchange to a three-year low of US$3,851 57 per cent less than four months ago.

SINGAPORE: Singapore shares closed 4.14 per cent lower.

The main Straits Times Index tumbled 75.46 points to 1,745.67. Volume totalled 1.17 billion shares worth 1.22 billion Singapore dollars (818 million US).

Singapore Airlines slumped 56 cents to 11.74, Singapore Telecommunications was off 19 cents to 2.28 and Neptune Orient Lines lost 13 cents to 1.16.

CapitaLand was steady at 2.77, City Developments gained six cents to 6.56 and Keppel Land dropped 12 cents to 1.68.

KUALA LUMPUR: Malaysian stocks closed 1.43pc lower.

The Kuala Lumpur Composite Index shed 12.96 points to end the day at 891.32.

Gainers were led by Lion Industries up 4 sen to 0.54 ringgit while Public Bank gained 5 sen to 8.75 ringgit.

Plantation giant IOI Corp slipped 2 sen to 3.02 ringgit, while Sime Darby erased 10 sen to 6.25 ringgit.

JAKARTA: Indonesian shares tumbled 3.1 per cent.

The Jakarta Composite Index slid 42.54 points to a two-year low of 1,337.20.

WELLINGTON: New Zealand share prices closed 3.18 per cent lower.

The benchmark NZX-50 index fell 92.06 points to 2,807.34.

Market leader Telecom fell 18 cents to 2.26 dollars, Contact Energy dropped 29 cents to 7.02 and Fletcher Building lost 12 cents to 6.00.

Fisher & Paykel Healthcare shed seven cents to 3.10 and New Zealand Oil & Gas was down five cents at 1.18.

MUMBAI: Indian shares fell 3.92 per cent. The 30-share Sensex fell 398.2 points to 9,771.7, its lowest level since June 2006.—AFP