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


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.