HONG KONG, Jan 16: Asian shares plunged Wednesday as fears that the US is heading for a recession reached a new crescendo, casting a pall over stock markets around the world.
Hong Kong led the decliners among major regional markets, slumping 5.4 per cent, while Japan tumbled 3.35 per cent to a new two-year low.
Australia, China, Taiwan, South Korea and Singapore also posted heavy falls on a day when trading screens turned red across Asia.
Among smaller markets Indonesia struggled particularly badly, closing down 5.0 per cent.
The slide in Asia followed a tumble on Wall Street on Tuesday after US banking giant Citigroup posted huge quarterly losses of nearly 10 billion dollars.
TOKYO: Japanese share prices fell 3.35 per cent to a new two-year low on rising concern about a US recession and a rise in the yen, which hurts exporters, dealers said.
Investors were alarmed by Citigroup’s losses after the subprime loan crisis and by weak US consumption data, along with lacklustre Japanese data which showed trade being hit by the US slowdown, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index fell 468.12 points to close at 13,504.51, a level not seen since October 2005.
The broader Topix index of all first-section shares fell 47.83 points or 3.54 per cent to close at 1,302.37, barely holding on to the symbolic 1,300-point level.
Declining shares far outnumbered gainers 1,601 to 94, with 29 issues unchanged.
HONG KONG: Hong Kong share prices plummeted 5.4 per cent on fears of a US recession, dealers said.
They said investors were also on edge for more results from US financial firms after Citigroup reported huge losses.
The benchmark Hang Seng Index closed 1,386.93 points lower at 24,450.85, 23.50 per cent down from its record of 31,958.41 hit on October 30 last year.
Turnover totalled 145.15 billion Hong Kong dollars (18.60 billion US).
SYDNEY: Australian share prices closed down 2.5 per cent amid concerns about further corporate losses and an economic slowdown in US, dealers said.
The benchmark S&P/ASX 200 index closed down 150.3 points at 5,809.7 points, in its eighth consecutive fall, bringing the market to its lowest level since August.
The broader All Ordinaries index closed down 2.5 per cent or 149 points at 5,870.8 points.
SHANGHAI: Chinese share prices closed sharply lower, down 2.81 per cent, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, closed down 153.19 points at 5,290.61 on turnover of 161.95 billion yuan (22.3 billion US dollars).
The Shanghai A-share Index fell 2.82 per cent to 5,552.46. The Shenzhen A-share Index was down 2.41 per cent at 1,619.67.
The Shanghai B-share Index fell 1.76 per cent to 361.46. The Shenzhen B-share Index fell 3.09 per cent to 696.35.
TAIPEI: Taiwan share prices closed 2.96 per cent lower after a Wall Street slide, dealers said.
The weighted index closed down 249.30 points at the day’s low of 8,179.54 on turnover of 228.94 billion Taiwan dollars (7.09 billion US).
SEOUL: South Korean share prices closed down 2.4 per cent amid persistent worries about the US economy, dealers said.
The KOSPI index finished lower 41.98 points at 1,704.97. Volume was 291 million shares worth 5.4 trillion won.The Korean market is now at its lowest level since mid-August.
The KOSPI lost 7.6 per cent over the past five sessions.
SINGAPORE: Singapore share prices closed 3.05 per cent lower as Asian trading screens turned red, dealers said.
The Straits Times Index fell 96.09 points to 3,058.49. Shares have fallen 21.09 per cent from their all-time peak of 3,875.77 reached on October 11.
Volume was 2.41 billion shares worth 2.81 billion Singapore dollars.
KUALA LUMPUR: Malaysian share prices closed down 3.5 per cent, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed down 52.05 points at 1,453.66.
Volume totalled 1.2 billion shares worth 2.8 billion ringgit while decliners led gainers 824 to 100.
JAKARTA: Indonesian share prices plunged 5.0 per cent over fears for the US economy, dealers said.
The Jakarta composite index closed down 137.72 points at 2,592.31.
“However, the markets’ sharp decline across the region today indicates that investors may have expected the worst.” Miner Antam plunged 500 rupiah to 3,900. Telkom fell 350 to 8,950. Palm oil stock Bakrie Sumatra fell 125 to 2,600.
MANILA: Philippine share prices closed 2.8 per cent lower on heightened fears the United States could sink into recession, dealers said.
The composite index shed 95.63 points to 3,351.66. That was its weakest finish since September 18 last year when it closed at 3,289.75.
The broader all-share index fell 55.07 points to 2,064.09.
“Markets will remain under pressure because earnings reports and economic data coming out from the US are depressing and fuelling fears of a recession,” said Jose Vistan of AB Capital Securities.
PAL Holdings fell 20 centavos to 5.60 pesos. Philippine Long Distance Telephone was down 25 pesos to 2,985.
San Miguel Corp. A was down 2.50 pesos to 56.50. San Miguel B fell 2.50 pesos to 57.
WELLINGTON: New Zealand share prices fell 1.53 per cent, hitting their longest losing streak in seven years, dealers said.
The benchmark NZX-50 index fell 58.12 points to 3,752.39.
The key index has now fallen for 10 straight sessions for the first time since December 2000.
ASB Securities broker Stephen Wright said the local market was weak and there was no end in sight.
MUMBAI: Indian share prices fell 1.89 per cent amid fresh US recession jitters on Wall Street, dealers said.
The benchmark 30-share Sensex closed down 382.98 points or 1.89 per cent at 19,868.11. The Sensex has lost 4.6 per cent in three straight trading days.
“Global pressures are a cause for concern, led by sharp Asian falls,” said R. Balakrishnan of Centrum Broking.—AFP
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