June 20, 2008	Friday	Jamadi-us-Sani 15, 1429

HONG KONG, June 19: Asian stocks tumbled on Thursday with Shanghai sliding over six per cent following Wall Street losses triggered by fresh jitters about soaring oil prices and the global credit crunch.

Investors were nervous about signs of growing inflationary pressures in the world’s major economies, which are still struggling to overcome a US housing slump and related credit squeeze.

Shanghai was the worst hit with a loss of 6.5 per cent as investors rushed to sell amid fears of a further deep correction.

Tokyo lost 2.2 per cent, Hong Kong fell 2.3 per cent, Sydney gave up 1.4 per cent, Taipei dropped 2.1 per cent and Seoul shed 1.9 per cent. Mumbai tumbled more than two per cent and Bangkok slid just over three per cent.

Analysts said investors were worried about the gloomy outlook hanging over China and other regional markets. Malaysia, down more than one per cent, and Thailand are also grappling with domestic political uncertainty.

TOKYO: Japanese share prices slumped more than two per cent, dragged down by losses on Wall Street, where rising oil prices and weak corporate earnings news hit confidence, dealers said.

The benchmark Nikkei-225 index dropped 322.65 points or 2.23 per cent to end at 14,130.17. The broader Topix index of all first-section shares lost 34.04 points or 2.41 per cent to 1,375.60.

Toyota Motor declined 3.2 per cent to 5,490 yen and Sony fell 2.6 per cent to 5,220 yen. Sanyo Electric climbed 3.3 per cent to 280 yen on reports that the company will boost its production of rechargeable batteries.

HONG KONG: Hong Kong share prices closed down 2.26 per cent, dealers said.

The Hang Seng index closed down 528.19 points at 22,797.61. Turnover was 59.04 billion Hong Kong dollars (7.57 billion US).

The Hong Kong market could fall further in coming sessions if US shares don’t recover, Conita Hung, head of equity markets at Delta Asia Financial, told Dow Jones Newswires.

China Resources fell 4.95 per cent. Sino Land fell 4.7 per cent to 16.52 dollars, Sun Hung Kai Properties slid 2.6 per cent to $115.30 , and Cheung Kong fell one per cent to $114.

SYDNEY: Australian share prices closed down 1.4 per cent, dealers said.

The benchmark S&P/ASX 200 index fell 76.6 points to 5,366.6 while the broader All Ordinaries dropped 66 points to 5,484.3.

A total of 2.35 billion shares worth $9.9 billion (US$9.4 billion) were traded.

SINGAPORE: Singapore shares closed 1.56 per cent lower, dealers said.

The blue-chip Straits Times Index ended 47.43 points lower, closing below the psychologically important 3,000 points level at 2,992.66.

Volume totalled a thin 1.08 billion shares worth 1.28 billion dollars (878 million US).

KUALA LUMPUR: Malaysian share prices closed 1.3 per cent lower, dealers said.

The Kuala Lumpur Composite Index dropped 16.2 points to 1,196.39.

Thursday’s close was the lowest since March 21.

JAKARTA: Indonesian shares closed 0.4 per cent higher, dealers said.

The Jakarta Composite Index gained 8.48 points to 2,373.06.

Overall sentiment, however, remains cautious amid lingering concerns over high oil prices and inflation, a trader told Dow Jones Newswires.

WELLINGTON: New Zealand share prices closed 1.52 per cent lower, dealers said.

The NZX-50 gross index fell 51.53 points to close at 3,340.10.

Fletcher Building dropped 30 cents to $6.54. Fisher & Paykel Appliances fell eight cents to $2.05. Auckland International Airport dropped eight cents to $1.99.Telecom was up five cents at $.85.

MUMBAI: Indian shares closed 2.17 per cent lower, dealers said.

The benchmark Mumbai 30-share Sensex index fell 334.32 points to 15,087.99.

Investors were concerned over the possibility of early elections, led by media reports, said Advait Date, dealer at brokerage BHH Securities.—AFP