Home Economy Asian markets slide on renewed US recession fears

Asian markets slide on renewed US recession fears


Tokyo : Asian stock markets resumed their roller-coaster ride Monday, sliding down sharply after last Friday’s strong rebound.

Japan’s key Nikkei 225 Stock Average lost 541.25 points, or 3.97 percent, to end at 13,087.91 as brokers expressed continued worries over the looming recession in the US.

The broader Topix index of all first-section issues also shed 51.74 points, or 3.9 percent, to 1,293.03.

Hong Kong’s Hang Seng Index ended the day down 1,068.76 points, or 4.25 percent, at 24,053.61. Turnover was 107.7 billion Hong Kong dollars ($13.8 billion).

The Hong Kong market is now down around 5 percent on its level for the beginning of the year and down around 8,000 points on its record high of almost 32,000 at the end of October.

The index had one of its most volatile weeks ever last week, losing 8.6 percent of its value last Tuesday before surging 10.7 percent the following day.

Analysts attributed Monday’s fall to renewed concerns about the prospect of a global economic slump led by the US.

Shares fell even more sharply on the Shanghai stock exchange in what Chinese media called a “black Monday.”

For the second time within a week, the Shanghai Composite Index dropped by more than 7.19 percent in a single day, closing at 4,419.29 points.

The Shenzhen Composite Index fell 6.85 percent to close at 1,335.96.

Taiwan stocks plunged more than 3 percent, with the TAIEX closing at 7,485.79, down 253.80 points, or 3.28 percent.

Shares nosedived nearly 4 percent on the Seoul stock exchange, as the benchmark Kospi index fell 65.22 points, or 3.9 percent, to close at 1,627.19.

The main index of the technology-heavy Kosdaq market fell 19.26 points to 634.52.

India’s benchmark Sensex lost 3.93 percent market capitalization in early trade after investors shed stock to hedge against future market movements.

The Bombay Stock Exchange’s 30-stock Sensex lost 720 points to close at at 17,640.

The wider 50-stock S&P CNX Nifty of the National Stock Exchange in Delhi was down 249 points, or 4.63 percent, to 5,134.

Stocks on the Singapore Exchange slumped 3.7 percent and the Thai market was off by 1.9 percent.