0
HONG KONG, Nov 12: Asian stocks slumped on Monday after a US sell-off over fears about a credit crunch cast a pall over investor sentiment, with Tokyo sliding to a 15-month low.
Japan’s Nikkei-225 index fell 2.5 per cent and is down 10 percent over the last seven days, prompting the authorities in Tokyo to say they were monitoring the stock market carefully.
Hong Kong shares dived 3.9 per cent and Shanghai fell 2.4 per cent following a weekend announcement that mainland China will try to slow loan growth in a bid to control its booming economy.
Wall Street slid last week after a clutch of banks warned of more losses stemming from the US subprime mortgage sector, comprising loans to riskier borrowers.
In Hong Kong shares in global banking giant HSBC tumbled 2.77 percent on fears of yet more exposure to subprime problems.
TOKYO: Japanese share prices tumbled 2.5 per cent to a 15-month low, hit by a stronger yen and growing jitters over the fallout from the US subprime loan crisis, dealers said.
Shares fell for a seventh straight session but managed to recover some ground in late trade after plunging below the key 15,000 points level briefly for the first time since July 2006.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index ended down 386.33 points at 15,197.09, the lowest closing level since August 7, 2006. The index has lost almost 10 percent of its value over the past seven trading days.
HONG KONG: Hong Kong share prices slid 3.9 per cent after a Wall Street share price tumble last week fanned by concerns about US economic prospects, dealers said.
There were also worries that China could announce more measures intended to slow its booming economy, they added.
HSBC led local blue chips lower after reports the banking giant was set to reveal another one billion US dollars of bad debt stemming from its US mortgage business.
SYDNEY: Australian share prices closed down 1.4 per cent, although Rio Tinto hit a new record high on speculation that BHP Billiton would increase its takeover offer, dealers said.
The benchmark S&P/ASX 200 index closed down 90.4 points at 6,455.3 after hitting a high for the day of 6,555.2.
SINGAPORE: Singapore share prices finished 2.46 per cent lower, mirroring losses in regional markets amid concerns a crisis in the US subprime mortgage sector will spill over to the rest of the world, dealers said.
KUALA LUMPUR: Malaysian share prices fell 1.4 per cent as investors across the region sold shares in reaction to Wall Street’s steep losses due to concerns about a credit crunch, dealers said.
JAKARTA: Indonesian share prices closed 1.3 per cent lower in line with regional markets, tracking losses on Wall Street after major US banks warned of further losses from the subprime crisis, dealers said.
WELLINGTON: New Zealand share prices closed down 1.10 per cent as last week’s slide on Wall Street spooked Asia-Pacific markets, dealers said.
The benchmark NZX-50 index closed 45.63 points lower at 4,089.13 on turnover worth $142.4 million (US$107.4 million). The volatility of last week is going to take a while for investors to work through, ABN Amro Craigs retail adviser Nigel Scott said.
MUMBAI: Indian share prices fell 0.9 per cent in cautious trade in reaction to sharp sell-offs in other Asian markets and on Wall Street last week, dealers said.
They said investors will now watch for monthly US retail sales data due this week to gauge consumer spending patterns ahead of the crucial holiday shopping season in the world’s biggest economy.—AFP
