HONG KONG, July 27: Asian stocks closed sharply lower on Friday, hit badly in a global sell-off sparked by heavy Wall Street losses on concerns growing problems in the US housing sector could spark a credit crunch, dealers said.
They said New York's fall of 2.26 per cent and similar falls in the European markets set the region up for a bad day, with investors deciding it was wiser to take profits on stocks which had hit record levels only earlier this week.
The downturn was substantial -- 2.36 per cent in Tokyo, 2.76 per cent in Hong Kong and 2.8 percent in Sydney -- with investors nervous that there could be more bad news on the US sub-prime mortgage sector.
TOKYO: Japanese stocks slumped 2.36 per cent to a near three-month low, hit by sharp losses on Wall Street where fresh signs of trouble in the US housing market spooked investors, dealers said.
The broader Topix index of all first-section shares lost 37.47 points or 2.16 percent to 1,699.71, slipping below the key 1,700 points level.
HONG KONG: Hong Kong share prices closed 2.76 per cent lower, falling heavily after Wall Street losses overnight amid growing cocerns about the US housing sector sparked a sell-off in Asia, dealers said.
The Hang Seng Index closed down 641.28 points at 22,570.41, off a low of 22,443.10 and a high of 22,854.54.
SYDNEY: Australian share prices fell sharply, tumbling 2.8 per cent amid growing unease over the health of the US housing market and its impact on the world's largest economy, dealers .
The benchmark S&P/ASX 200 tumbled 175.6 points to close at its low for the day of 6,082.9. The All Ordinaries index fell 174.1 points at 6,127.3.
Turnover was 2.79 billion shares worth 12.09 billion dollars (10.61 billion US) with falls outnumbering rises 1,183 to 239 and 233 stocks unchanged.
SINGAPORE: Singapore share prices closed 2.4 per cent lower, falling sharply in line with other regional bourses after one of Wall Street's worst sell-offs overnight, dealers said.
The Straits Times Index was down 87.03 points at 3,492.70, its lowest finish since June 8. Volume was 4.11 billion shares worth 4.11 billion dollars (2.71 billion US) as losers led gainers 933 to 139 and 491 stocks were unchanged.
KUALA LUMPUR: Malaysian share prices closed sharply lower, falling 1.9 per cent after Wall Street's tumble overnight sent global stock markets plunging on worries over the state of the US economy, dealers said.
JAKARTA: Indonesian share prices closed 2.8 per cent lower as investors sold off across the board in a knee-jerk reaction to the sharp fall on Wall Street overnight, dealers said.
The Jakarta Stock Exchange composite index fell 66.85 points at 2,298.41 on volume of 7.19 billion shares worth 6.3 trillion rupiah (691.70 million dollars). Declines led gains 197 to 44, with 30 stocks unchanged.
WELLINGTON: New Zealand share prices dived 1.88 per cent in reaction to the plunge on Wall Street and other world markets, dealers said.
The benchmark NZX-50 index fell 79.78 points to 4,246.01 on turnover worth 183.6 million dollars (143.8 million US). Earlier in the day, the index was down 2.1 percent before edging up off its lows.
MUMBAI: Indian share prices plunged 3.43 per cent amid a sell-off across Asian markets after Wall Street posted heavy losses overnight, dealers said.
The Mumbai benchmark 30-share Sensex index slid as much as 616.63 points or 3.9 per cent to a day's low of 15,159.68, before recovering marginally to close at 15,234.57, down 541.74 points or 3.43 per cent.—AFP