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HONG KONG, Aug 24: Asian stocks closed mostly lower on Thursday after weak US housing data indicated the world's largest economy could face a much harsher slow down than initially expected.
That prospect rattled investors who are now being forced to weigh the impact this could have on regional exporters against one positive signal that the US Federal Reserve could be further tempted to leave interest rates unchanged.
And this has raised fears of higher interest rates and weaker growth -- a dangerous combination -- resulting in Sydney slumping 1.86 per cent, Tokyo falling 1.25 per cent, Singapore by 1.06 per cent and Bangkok by 0.84 per cent.
TOKYO: Share prices retreated for a second straight day, hit by profit-taking after US stocks fell back overnight on fears of a housing slump.
The Nikkei-225 index closed down 202.41 points at 15,960.62.
Volume declined to 1.49 billion shares from 1.60 billion on Wednesday.
HONG KONG: Share prices closed sharply lower, shedding 1.02 per cent on selling in Hutchison Whampoa and Cheung Kong after their first-half results failed to excite investors.
SYDNEY: Share prices fell sharply, down 1.86 per cent on weakness in the banking and resources sectors.
The SP/ASX 200 closed down 94.5 points at 4,987.8. Market turnover was 1.44 billion shares worth 6.61 billion dollars (4.9 billion US).
SINGAPORE: Share prices closed 1.06 per cent lower on signs that a housing slump in the United States could signal a sharper than expected slowdown for the world's largest economy.
The Straits Times index dropped 26.15 points to 2,446.11. Volume was 946.51 million shares worth 969.24 million Singapore dollars (617 million US).
KUALA LUMPUR: Share prices dropped slightly, as investors awaited the central bank's decision on interest rates due out Friday.
The composite index closed down 0.13 points to 948.13. Volume totalled 353.26 million shares valued at 480.81 million ringgit (130 million dollars).
JAKARTA: Share prices closed 0.64 per cent lower on profit-taking led by index heavyweights Astra International and Telkom, in line with falls in regional markets.
WELLINGTON: Share prices closed 0.25 per cent higher, continuing a modest recovery following sharp falls earlier in the month with New Zealand's rise was in contrast to weakness on most overseas markets.
The NZX-50 gross index rose 8.79 points to 3,468.87 on turnover worth 109.4 million New Zealand dollars (69.5 million US).
MUMBAI: Share prices rose 1.10 per cent on fresh fund buying in afternoon trade, bucking regional trends.—AFP
