March 11, 2008	Tuesday	Rabi-ul-Awwal 2, 1429

HONG KONG, March 10: Asian stocks tumbled on Monday with Tokyo hitting a 30-month low as recession alarm bells rang louder in the United States following a shock drop in employment, dealers said.

They said the big worry now is that exports to the United States will slump, curbing growth around the region and possibly dragging Japan into recession.

After re-opening it closed 9.5 per cent down.

Tokyo’s benchmark Nikkei-225 index slid 1.96 per cent to the lowest level since September 2005 amid concerns about the impact of weaker US consumer demand and a stronger yen on exports.

TOKYO: Japanese share prices closed down almost two per cent at the lowest level for two and a half years on growing fears that the US economy is in a recession.

Dealers said investors were unnerved by the recent strength of the yen against the dollar, which is threatening to cut into Japanese export earnings.

The Nikkei-225 index lost 250.67 points to end at 12,532.13, the lowest closing level since September 1, 2005. Investors are concerned that a US recession would hit exports to Japan and the rest of Asia.

Japan’s economy lacks a domestic driving force, said Tomoko Fujii, head of economics and strategy for Japan at Bank of America.

HONG KONG: Hong Kong share prices closed 0.91 per cent higher as investors moved into stocks that yield good dividends amid an uncertain outlook for the broader market.

China stocks ended weaker ahead of consumer inflation data on the mainland.

The Hang Seng index closed up 203.72 points at 22,705.05 on turnover of 86.97 billion Hong Kong dollars (11.20 billion US).

SYDNEY: Australian share prices closed down 1.6 per cent to their lowest level since October 2006 on fears about the US economy and declines in the resources sector.

The S&P/ASX 200 fell 83.6 points to 5,180.4. Volume traded was 1.6 billion shares worth around 5.8 billion dollars (5.4 billion US).

SINGAPORE: Singapore shares prices closed 1.04 per cent lower as investors continued to worry about the slowing US economy.

The Straits Times Index fell 29.69 points to 2,836.59 on volume of 1.29 billion shares worth 1.65 billion Singapore dollars (1.19 billion US).

KUALA LUMPUR: Malaysian share prices plunged 9.5 per cent in a session marked by a one-hour trading suspension as surprise weekend election results shook the stock market.

Dealers said trading was halted when the stock market fell 10 per cent during the day, after the Barisan Nasional coalition lost its two-thirds majority in parliament for the first time since 1969 and conceded four states to the opposition.

The Securities Commission and Bursa Malaysia would like to assure the public that market integrity remains intact, in spite of the activation of a market-wide circuit breaker, they said.

JAKARTA: Indonesian share prices closed 4.8 per cent lower, pressured by losses in other Asian markets amid rising fears the US economy may already be in recession, with the weaker rupiah further eroding investor sentiment.

The composite index closed down 128.59 points at 2,527.87. Volume was 3.47 billion shares valued at 6.79 trillion rupiah (748.04 million dollars).

Ali said oil palm plantation stocks fell sharply after crude palm oil (CPO) prices retreated 4.7 per cent last week to 3,537 Malaysian ringgit per ton.

WELLINGTON: New Zealand share prices fell 0.30 per cent, in a comparatively muted response to declines in overseas markets.

The NZX-50 gross index fell 10.51 points to at 3,547.75 on light turnover worth 74 million dollars (58.8 million US).

ABN Amro Craigs broker Bryon Burke said the week had started quietly, with many investors choosing to sit on their hands amid continuing volatility in world markets.

MUMBAI: Indian shares closed down 0.32 per cent in volatile trade that saw large-scale buying by domestic mutual funds.

The benchmark Mumbai stock exchange Sensex index ended down 51.80 points at 15,923.72.—AFP