Bank worries see Asian shares slump

Regional shares slide after banking woes in Europe raise worries over global economy.

    Banking woes in Europe deepened the gloom over the outlook for the global economy [AFP]

    Japan's benchmark Nikkei index ended Tuesday's trade down 2.31 per cent, after earlier losing more than 3 per cent.

    Falling commodity prices added to the region-wide pessimism, which hit every Asian market.

    Hong Kong's Hang Seng index was down 2.6 per cent in afternoon trade and Australia's S&P/ASX 200 also closed down 3.14 per cent.

    Benchmarks in South Korea, Taiwan, Singapore and mainland China also retreated.

    Most of Asia's biggest economies are heavily dependent on exports, but demand has plummeted as a result of the downturn, particularly in key markets such as the US.

    Indian shares also fell more than 3 per cent on Tuesday, rattled by concerns of the deepening global economic crisis would trigger more foreign fund outflows.

    The State Bank of India dropped 3.3 per cent to 1,109.50 rupees, and the Housing Development Finance Corporation, a mortgage lender lost 4.4 per cent to 1,478.50 rupees.

    SOURCE: Agencies


    'We scoured for days without sleeping, just clothes on our backs'

    'We scoured for days without sleeping, just clothes on our backs'

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Daughters of al-Shabab

    Daughters of al-Shabab

    What draws Kenyan women to join al-Shabab and what challenges are they facing when they return to their communities?