HONG KONG, Feb 2: Asian stocks fell on Monday as traders followed a drop in Wall Street and as more bad economic data, including a massive unemployment hike in China, showed the depth of the global financial crisis.

Tokyo dropped 1.50 per cent, Hong Kong 3.1 percent and Sydney 1.2 percent, while Seoul lost 1.3 per cent, Singapore 2.36 per cent and Mumbai 3.79 per cent.

Beijing announced that around 20 million rural migrants were now out of work -- more than triple the number announced last month -- indicating the slowdown in the world’s third-largest economy was intensifying.

Investors in Japan were also concerned following a slew of downcast earnings outlooks last week from electronics firms including Hitachi, Toshiba, NEC and Canon.

The share sell-offs followed a 1.82 percent tumble on Wall Street Friday, which came about as data showed the US economy shrank nearly four percent in the last quarter of 2008, the sharpest decline since 1982.

There was also some trepidation in the financial sector about the timescale for the implementation of a stimulus package US President Barack Obama is trying to get through Congress.

Some traders fear it could take longer to pass while opposition Republicans dig their heels in as it goes through the Senate this week.

Kuala Lumpur was closed for a public holiday.

TOKYO: Down 1.50 per cent. The Tokyo Stock Exchange’s benchmark Nikkei-225 index fell 120.07 points to end at 7,873.98. The broader Topix index of all first-section shares dropped 16.18 points, or 2.04 percent, to 777.85.

Investors were spooked by Hitachi’s forecast last week of an eight-billion-dollar annual loss, which sent shares in the high-tech giant plunging 17 percent to 244 yen, the lowest level in nearly 30 years.

Toshiba fell 10.4 per cent to 285 yen, Canon lost 4.8 per cent to 2,355 and Nikon declined 4.7 per cent to 909.

HONG KONG: Down 3.1 per cent. The Hang Seng Index closed 416.72 points lower at 12,861.49. Turnover was 35.69 billion Hong Kong dollars (4.58 billion US).

Heavyweight HSBC slid 3.8 percent to 58.50 dollars, contributing 58.61 points to the Hang Seng’s fall.

SYDNEY: Down 1.2 per cent. The benchmark S&P/ASX 200 was off 43.3 points at 3,497.4, while the broader All Ordinaries shed 34.6 points, or 0.99 per cent, to 3,443.50.

Investors were sidelined ahead of Tuesday’s scheduled decision by the Reserve Bank of Australia on whether to further reduce interest rates, leaving only negative news to push the index lower.

National Australia Bank lost 1.16 per cent to 18.71, Westpac dropped 2.11 percent to 15.31, Commonwealth Bank shed 1.67 per cent to 26.45, and ANZ Banking Corp slipped 0.08 per cent to 13.26.

SINGAPORE: Down 2.36 per cent. The blue-chip Straits Times Index (STI) dropped 41.18 points to 1,705.29 on volume of 773 million shares worth 804 million Singapore dollars (530 million US).

Bank shares were lower, with United Overseas Bank sliding 34 cents to 11.54, DBS closing down 32 cents at 8.50 and Oversea-Chinese Banking Corp shedding 15 cents to 5.00.

Singapore Telecommunications and Singapore Airlines fell 10 cents apiece to 2.56 and 11.04 respectively.

JAKARTA: Down 1.7 per cent. The Jakarta Composite Index fell 22.02 points to 1,310.64 in thin trade.

Telkom slid 4.8 percent to 5,950 rupiah, nickel miner Inco dropped 5.1 percent to 2,350, Bank Rakyat fell 4.4 percent to 4,375.

MUMBAI: Down 3.79 per cent. The benchmark 30-share Sensex index fell 357.54 points to 9,066.7.

WELLINGTON: Flat. The NZX-50 index ended 2.65 points or 0.10 per cent down at 2,771.5 on turnover worth 77 million New Zealand dollars (38.21 million US).

Telecom, which has been climbing steadily since ending last year below 2.30, added a further three cents to 2.69.

Fisher & Paykel Healthcare ended seven cents ahead at 3.45.

Other significant falls included Mainfreight, which was down 13 cents at 4.05, and Fisher & Paykel Appliances, which was down five cents at 1.20.—AFP