Asian stocks plunge on US recession fears
HONG KONG, March 3: Asian stocks plunged on Monday with Tokyo ending down almost 4.5 per cent, battered by a slumping dollar and fears that the US economy is slipping into recession, dealers said.
Investors dumped shares after heavy losses on stock markets in the United States and Europe last week following signs that the fallout from a global credit crunch was far from over.
Mumbai shed more than five per cent Monday while Hong Kong, Sydney and Singapore fell heavily to close down about three per cent. Seoul was down more than two per cent, though Taipei limited losses to below two per cent.
TOKYO: Japanese stocks plunged almost 4.5 per cent, ending below the key 13,000 points level for the first time in over a month as a stronger yen and US recession fears spooked investors, dealers said.
Tokyo was particularly badly hit as the yen soared to a fresh three-year high against the ailing dollar, threatening to undermine Japanese export earnings.
The benchmark Nikkei-225 index tumbled 610.84 points or 4.49 per cent to end at 12,992.18, the lowest closing level since January 23.
The broader Topix index declined 53.13 points or 4.01 per cent to 1,271.15.
Volume rose to 2.13 billion shares from 1.98 billion Friday.
HONG KONG: Hong Kong share prices closed down 3.07 per cent, dealers said.
The Hang Seng index closed down 746.7 points at 23,584.97. Turnover was 81.12 billion Hong Kong dollars (10.43 US).
China Mobile was down 3.90 at 116.10, HKEx lost 5.70 at 145.70, Hutchison Whampoa fell 0.95 to 73.25 and China Life shed 1.35 to 30.10.
SYDNEY: Australian share prices closed down 2.98 per cent, dealers said.
The benchmark S&P/ASX 200 closed down 166.3 points at 5,405.8, while the broader All Ordinaries fell 164 points or 2.89 per cent to 5,510.7. Turnover was 1.4 billion shares worth 5.6 billion dollars (5.27 billion US).
SINGAPORE: Singapore share prices closed 3.3 per cent lower, dealers said.
The Straits Times index closed 99.90 points lower at 2,926.55 on volume of 1.47 billion shares worth 1.89 billion Singapore dollars (1.36 billion US).
DBS Group skidd 32 cents to $17.02. City Developments lost 72 cents to 11.24 dollars. Singapore Telecommunications fell 15 cents to $3.70.
KUALA LUMPUR: Malaysian share prices closed two per cent lower, dealers said.
The Kuala Lumpur Composite index closed 26.79 points lower at 1,330.61. Malaysia holds elections at the weekend.
Maybank fell 15 sen to 8.95 ringgit. Telekom Malaysia declined 20 sen to 11.20 ringgit. Palm oil grower Sime Darby slumped 50 sen to 11.10 ringgit.
JAKARTA: Indonesian share prices closed 2.6 per cent lower, dealers said.
The Jakarta composite index closed down 69.63 points at 2,652.31.
Bumi plunged 450 rupiah to 7,250, Telkom slid 350 to 9,450 and Astra International fell 700 to 27,150.
WELLINGTON: New Zealand share prices closed little changed, dealers said.
The benchmark NZX-50 index closed up 1.53 points or 0.04 per cent to 3,584.26.
Forsyth Barr broker Suzanne Kinnaird said local shares may have been spared further losses because some New Zealand companies have been reporting relatively solid results. Telecom rose five cents to 3.92 dollars.
MUMBAI: Indian share prices plunged to close 5.12 per cent lower, dealers said.
The benchmark 30-share Mumbai stock exchange Sensex index fell 900.84 points to 16,677.88.—AFP