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HONG KONG: Asian shares suffered heavy falls Monday, including a slide of over four per cent in the South Korean stock market as the global economic slowdown rattled investors again.
The Seoul bourse fell 4.1 per cent as a tumble in the won spooked the share market by stoking fears of a capital flight. The South Korean government Monday unveiled tax cuts to boost the ailing economy.
Among other major markets, Taiwan fell 3.31 per cent, mainland China slipped three per cent and Japan fell 1.83 per cent.
The stock market in Hong Kong fell more than 1.5 per cent, while Australia and Singapore also ended in the red.
Thai shares closed 1.35 per cent lower while India was down 0.45 per cent.
The slide in Asia came after Wall Street took a tumble Friday as weak economic data and a disappointing earnings report from computer giant Dell weighed on investor sentiment.
Investors were also cautious ahead of some key US economic data, including a monthly employment report due on Friday. Turnover was low with US markets closed on Monday for the Labor Day holiday.
- AFP/yb
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