HONG KONG, June 27: Asian stocks tumbled on Friday, with Shanghai plunging more than five per cent, Mumbai hitting a 13-month low and Tokyo feeling the bite as investors feared high oil prices and the weak US economy.

Markets opened with big losses after news that the New York Stock Exchange sank to its lowest point since September 2006. That combined with oil prices hitting almost $142 a barrel on Asian trading to send stocks down.

Crude costs were sent soaring after the president of Opec said in an interview Thursday that he could see prices hitting $170 owing to a weak dollar and geopolitical problems.

In Tokyo, shares fell for a seventh straight day to a two-month low as investors followed Wall Street, while the biggest drop of the day was in Shanghai, where oil firms and car makers were hit by the rising oil prices.

The fall in Tokyo came as the government announced core inflation had risen to 1.5 per cent, its fastest pace in a decade, on the back of soaring oil prices, while consumer spending fell.

TOKYO: Japanese share prices slid on worries about weak US markets, high oil prices and a stronger yen which is bad for exporters, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index ended down 277.96 points or 2.01 per cent at 13,544.36. The broader Topix index of all first-section shares declined 24.11 points or 1.79 per cent to 1,320.68.

Investors took their cue from New York, where the Dow Jones sank 3.03 per cent Thursday.

HONG KONG: Shares closed down 1.84 per cent, dealers said.

The benchmark Hang Seng Index lost 413.32 points to 22,042.35. Turnover was 65.03 billion Hong Kong dollars (8.34 billion US). For the week, the index fell 3.3 per cent, while it is down 21 per cent since the start of the year.

Phone maker Foxconn fell more than 8 per cent, while Li Fung dropped 6 per cent, leading the market’s declines, after the two exporters were downgraded over worries about the health of the US economy.

Oil refiner Sinopec slumped more than 3 per cent and PetroChina was down 2.52 per cent following another rise in crude oil prices.

SYDNEY: Australian shares dropped 1.3 per cent, dealers said.

The benchmark S&P/ASX 200 shed 70 points to end the day at 5,237.0 while the broader All Ordinaries was down 72.1 points at 5,349.4.

The Australian market tumbled 160.6 points, or 3.1 per cent, on opening but clawed back much of the lost ground amid bargain-hunting.

SINGAPORE: Shares closed 0.84 per cent lower, dealers said.

The blue chip Straits Times Index fell 25.04 points to 2,955.91 on volume of 1.08 billion shares valued at 1.51 billion Singapore dollars (1.11 billion US).

The index fell to an intraday low of 2,922.87.

KUALA LUMPUR: Shares closed 1.1 per cent weaker, brokers said.

The Kuala Lumpur Composite Index dropped 13.35 points to 1,190.54, off an intra-day low of 1,186.71.

The main index was expected to trade within a range of 1,157-1,200 next week, with a downside bias, he said.

JAKARTA: Shares slipped 0.8 per cent, dealers said.

The Jakarta Composite Index fell 18.7 points to 2,332.12.

Cellular operator Indosat rose 6.3 per cent at 6,800 rupiah after Qatar Telecom announced its plan Thursday to launch a tender offer for Indosat shares.

WELLINGTON: New Zealand shares fell 1.98 per cent, dealers said.

The NZX-50 gross index lost 65.05 points to close at 3,226.91 -- its lowest level since December 2005.

Market leader Telecom fell four cents to $3.59 and Contact Energy fell 30 cents to 8.20.

MUMBAI: Indian shares plunged 4.3 per cent, dealers said. The benchmark Mumbai 30 share Sensex index fell 619.6 points to 13,802.22, a 13-month low.

Several economists expect India’s central bank to raise rates further, but this may not occur prior to the a scheduled meeting on July 29.—AFP