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SINGAPORE: Major stock markets across Asia continued their downward trend mid-Friday as fears grew about the state of US economy after Wall Street took an overnight hammering.
Hong Kong shares prices ended Friday morning down 3.1 per cent at a one-year low. The benchmark Hang Seng Index was off 636.83 points to 19,752.65. Turnover was low at HK$30.83 billion (US$3.96 billion).
China's main stock market slid more than two per cent to its lowest level in 20 months on news of an IPO by a major Chinese brokerage. The Shanghai Composite Index fell 2.4 per cent, and losing shares overwhelmed gainers by 834 to 85.
Japan's Nikkei stock average slumped 2.9 per cent at a five-and-half month low, as investors dumped shares on growing gloom about the global economy.
Singapore's Straits Times Index fell 1.96 per cent while Malaysian stocks were slightly down at 0.85 per cent.
Other major markets also ended in the red with Seoul closing morning trade 1.2 per cent lower, Taiwanese shares shedding 1.79 per cent and India markets falling 2.38 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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