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HONG KONG, March 17: Asian stocks suffered fresh turmoil on Monday as investors dumped both stocks and the dollar on fears more US banks could be vulnerable to the credit crisis that crippled Bear Stearns, dealers said.
They said an emergency cut by the US Federal Reserve to its discount rate and a weekend deal for JPMorgan Chase to buy Bear Stearns at a fire-sale price had added to a sense of crisis sweeping through global financial markets.
The volatility spilled over into commodities as oil prices soared to fresh highs and gold prices jumped as investors looked to safe-havens.
Tokyo stocks plunged by more than 4.0 per cent at one point before recovering some ground to close 3.7 per cent lower.
Hong Kong was down 5.2 per cent, Shanghai declined 3.6 per cent, Seoul gave up 1.6 per cent and Sydney declined 2.3 per cent.
TOKYO: Japanese share prices slumped 3.71 per cent, ending below 12,000 points for the first time since August 2005 amid worries about a surging yen and turmoil on Wall Street.
Dealers said investors had taken fright at the near-collapse of US investment bank Bear Stearns and an emergency weekend rate cut by the Federal Reserve.
The Nikkei-225 index dropped 454.09 points to close at 11,787.51.
Stocks fell as the dollar slid to 12-year lows against the Japanese currency, dipping briefly below 97 yen in Tokyo trade, down about 3.5 per cent from levels in New York late Friday.
HONG KONG: Hong Kong share prices closed down 5.2 per cent, pushed down by troubles on the US markets, the slide of the dollar and record high oil prices.
The Hang Seng index closed down 1,152.5 points at 21,084.61.
Sharp falls on the mainland Chinese market in Shanghai also helped drive shares down, dealers said.
A move by the US Federal Reserve to cut the interest rate charged on its direct loans to banks on Sunday failed to calm investor jitters, as it only underscored the crisis enveloping the financial sector, they said.
SYDNEY: Australian share prices slumped 2.3 per cent Monday as finance sector losses triggered by concerns about the global credit crisis pushed the bourse to its lowest level in 18 months.
The S&P/ASX 200 shed 119.9 points to 5,087.
SINGAPORE: Singapore share prices closed 1.63 per cent lower as investors continue to fear the worst from the US economy after the emergency fire-sale of US investment bank Bear Stearns.
The Straits Times Index tumbled 46.26 points to 2,792.75 on volume of 1.26 billion shares worth 1.53 billion Singapore dollars (1.11 billion US).
KUALA LUMPUR: Malaysian share prices closed 1.5 per cent lower amid fears that the United States economy may be headed for a severe recession.
The composite index closed down 17.31 points to 1,177.53 on volume of 550.91 million shares valued at 1.14 billion ringgit (358 million dollars).
JAKARTA: Indonesian share prices closed 3.0 per cent lower in line with weak regional markets, after the weekend bailout of troubled Bear Stearns in the US reinforced fears that the global credit crisis is far from over.
The composite index closed down 71.10 points at 2,312.32. Volume was 3.24 billion shares valued at 4.60 trillion rupiah (496.8 million dollars).
MUMBAI: Indian share prices plunged 6.03 per cent on troubled US credit markets, a weak dollar and record high oil prices that are expected to impact local company earnings.
Dealers said firms with major US business links such as software outsourcing may see sharp earnings declines for the quarter ending March 31.
The 30-share Mumbai stock exchange Sensex index fell 951.03 points to 14,809.49.
—AFP
