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SINGAPORE: Asian share markets opened sharply lower on Friday, taking the lead from Wall Street's overnight hammering amid concerns of a global economic slow down.
China's main stock index opened down more than three per cent on Friday to its lowest in over 20 months on news that regulators would review an IPO planned by top-10 brokerage Merchants Securities.
Japan's Nikkei average also suffered heavy losses, sliding three per cent to a more than five-month low, with Canon Inc and other exporters battered by growing fears for the economy and the yen's surge.
Taiwanese shares plunged 2.36 per cent, with analysts citing sell-offs from mounting margin calls after recent heavy losses.
Singapore’s blue-chip Straits Times Index hit a 23-month low, falling 2.7 per cent in opening trade.
In other major markets, Korea's benchmark index fell 2.14 per cent, Indian shares were down one per cent, Jakarta opened 1.93 per cent lower, Malaysia shares slipped 0.75 per cent and Australian stocks slumped 2.8 per cent.
Wall Street stocks were awash in losses overnight as weak retail results and data suggesting mounting job losses heightened fears on the US economic outlook.
The Dow Jones Industrial Average skidded 344.65 points (2.99 per cent) to end at 11,188.23, its weakest close since late July as the blue-chip index moved into "bear market" territory - down 20 per cent from last year's highs.
The Nasdaq composite slid 74.69 points (3.20 per cent) to 2,259.04 and the broad-market Standard & Poor's 500 index shed 38.15 points (2.99 per cent) to 1,236.83.
- CNA/yb
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