HONG KONG, Nov 21: Asian stocks closed down on Wednesday as record oil prices of nearly $100 per barrel and fears for the US economy turned trading screens red, sending Tokyo to a 16-month low.
Japan’s Nikkei 225 index shed 2.46 per cent, Hong Kong tumbled 4.2 per cent, Seoul slid 3.5 per cent and Mumbai was down 3.52 per cent.Among the major markets only Sydney held up relatively well, falling just 0.6 per cent.
The Federal Reserve on Tuesday slashed its outlook for 2008 US economic growth and spread some uncertainty about future interest rate cuts.
The central bank projected US growth next year of 1.8 to 2.5 per cent, down from 2.5 to 2.75 per cent.
TOKYO: Japanese share prices closed down 2.46 per cent to a 16-month low as a spike in the yen hurt exporters and offset the impact of Wall Street’s rebound, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index fell 373.86 points to close at 14,837.66, its lowest close since July 24, 2006.
HONG KONG: Hong Kong closed down 4.2 per cent as Asian stocks slumped and crude oil prices rose to nearly $100 per barrel, dealers said.
The Hang Seng Index ended down 1,153.02 points at 26,618.19, off a low of 26,500.54. Turnover was 128.82 billion Hong Kong dollars (16.55 billion US).
SYDNEY: Australian share prices closed down 0.6 per cent as credit worries, forecasts for slower US growth next year and the upcoming election fuelled uncertainty, dealers said.
The benchmark S&P/ASX 200 index closed down 41.1 points at 6,384.3 while the broader All Ordinaries closed down 40.0 points or 0.6 per cent at 6,450.2.
SINGAPORE: Singapore share prices closed 2.65 per cent lower, mirroring regional losses on fears soaring oil prices could slow the US economy, dealers said.
The main Straits Times Index slumped 91.07 points to 3,347.20 on volume of 1.83 billion shares worth 2.18 billion Singapore dollars (1.51 billion US).
KUALA LUMPUR: Malaysian share prices closed down 0.9 per cent in line with regional markets, dealers said.
They said national carmaker Proton’s steep loss made the fall worse.
Strategic tie-up talks between Proton and Volkswagen were shelved Tuesday.
JAKARTA: Indonesian share prices closed 2.3 per cent lower pressured by falls across markets in Asia and as oil prices neared the 100 dollar per barrel mark, dealers said.
The Jakarta Stock Exchange composite index shed 61.24 points to 2,563.62 on volume of 2.98 billion shares valued at 6.19 trillion rupiah (659.56 million dollars).
WELLINGTON: New Zealand share prices closed little changed on heavy turnover dominated by market leader Telecom, dealers said.
The benchmark NZX-50 index rose 3.71 points to close at 4,071.01 on turnover worth 347.9 million dollars (264.9 million US). Falling stocks outnumbered risers 58 to 47.
MUMBAI: Indian share prices closed down 3.52 per cent for a fifth straight decline on concerns about record crude oil prices and the US economy, dealers said.
They said banking shares led the fall.—AFP
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