Sharp fall on Asian stock markets | News | Al Jazeera

Sharp fall on Asian stock markets

US rejection of auto bailout plans renews worries over state of global economy.

    Tokyo's Nikkei index dipped sharply after
    several days of steady gains [Reuters]

    In Hong Kong the Hang Seng index tumbled 4.7 per cent to close at 13,456.33, its biggest one-day drop in three weeks.

    South Korea's benchmark was down 3.2 per cent while markets in Singapore, Taiwan and Thailand fell 3 per cent or more.

    In Japan analysts saw investors selling in a drive to lock in profits from this month's big rally caused by optimism that the global economy may be bottoming out.

    The Nikkei had gained 20 per cent from a 26-year-low hit on March 10 through to last Friday.

    "Stock rose incredibly quickly, so there was probably some adjustments taking place too,'' Toshikazu Horiuchi, an equity strategist at Cosmo Securities in Japan told the Associated Press.

    Toyota Motor Corp. fell 3.7 per cent, Honda shed 6.7 per cent and Nissan Motor Co. dived 7.7 per cent.

    A strengthening of the yen also sent tech shares broadly lower with electronics giant Sony losing 7.4 per and Sharp down 5.1 per cent.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    The State of Lebanon

    The State of Lebanon

    Amid deepening regional rivalries what does the future hold for Lebanon's long established political dynasties?

    Exploited, hated, killed: The lives of African fruit pickers

    Exploited, hated, killed: Italy's African fruit pickers

    Thousands of Africans pick fruit and vegetables for a pittance as supermarkets profit, and face violent abuse.