HONG KONG, June 9: Asian stocks tumbled on Monday after a breathtaking surge in oil prices and shock jump in US unemployment sent Wall Street spinning and fanned fears of sharply slower economic growth.

Japanese shares slid 2.13 per cent after a dizzying three-per cent plunge in the US on Friday, when oil prices rocketed the most ever in a single day to close nearly $11 up at record levels around $139 per barrel.

India slumped 3.25 per cent, Singapore finished nearly two per cent lower, Taiwan closed down 1.8 per cent and South Korea ended more than one per cent in the red.

Investors were also coming to terms with Friday’s half-point jump in US unemployment to 5.5 per cent for May, which stoked fears of a recession in the world’s biggest economy.

Such fears contributed to a 1.45 per cent fall in New Zealand, a 1.4 slide in Malaysia and a similar fall in Thailand. But Indonesia bucked the trend to close up 0.3 per cent.

On Sunday, eleven nations that guzzle nearly two-thirds of the world’s energy called at a G8 meeting for an urgent hike in global oil production as host Japan warned the world could plunge into recession.

TOKYO: Japanese share prices tumbled more than two per cent in the wake of heavy losses on Wall Street, a record surge in crude oil costs and a rise in US unemployment, dealers said.

They said exporters were hit by a stronger yen against the dollar which is bad for their earnings.

The benchmark Nikkei-225 index fell 308.06 points or 2.13 per cent to 14,181.38. The broader Topix index of all first-section shares declined 30.57 points or 2.14 per cent to 1,397.54, falling below the symbolic 1,400-point line.

SINGAPORE: Singapore share prices closed 1.99 per cent lower, dealers said.

The blue chip Straits Times Index fell 62.71 points to 3,084.02 on volume of 1.03 billion shares worth 1.40 billion Singapore dollars (1.03 billion US).

DBS Group lost 36 cents to 19.50 dollars. CapitaLand slipped 19 cents to $6.12. Singapore Airlines fell 36 cents to $15.40. Singapore Telecommunications finished five cents lower at $3.63.

KUALA LUMPUR: Malaysian stocks closed down 1.4 per cent, dealers said.

The Kuala Lumpur Composite Index fell 17.59 points to 1,230.98.

Selling pressure waned towards the tail-end of the trading session and some bargain hunting helped to lift the blue-chips off their lows, a dealer told Dow Jones Newswires.

Tenaga shed 8.3 per cent to 8.25 ringgit. IOI Corp. lost 1.4 per cent to 7.10 ringgit. Sime Darby rose 1.1 per cent to 9.15 ringgit.

JAKARTA: Indonesian shares closed 0.3 per cent higher, dealers said. The Jakarta Composite Index ended up 8.53 points at 2,410.77.

Late buying in mining and resources blue-chips drove the main index higher, a trader said.

Bumi closed up 7.0 per cent at 8,450 rupiah and rival Bukit Asam was up 2.3 per cent at 15,600.

WELLINGTON: New Zealand share prices closed 1.45 per cent lower, dealers said.

The NZX-50 gross index fell 51.59 points to 3,496.50.

It’s sad but not as sad as some of the other markets experienced, David Price of Forsyth Barr said.

Air New Zealand fell five cents to 1.12 dollars. Contact Energy fell 21 cents to 8.64 dollars. Fletcher Building fell 18 cents to 7.37 dollars.

MUMBAI: Indian shares tumbled to close down 3.25 per cent, dealers said.

The benchmark Mumbai 30-share Sensex index closed down 506.08 points at 15,066.10.

Weak global clues, rising oil prices and concerns about (local) monetary tightening spooked investors. We advise investors to stay on the sidelines,said Apurva Shah, head of research at brokerage Prabhudhas Lilladher.—AFP