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HONG KONG - Asian stocks fell Thursday with markets suffering a correction after dealers turned their attention back to the state of the global economy.
Tokyo ended seven days of rises to tumble almost four per cent, while Hong Kong was hit by a second successive plunge of roughly the same amount and Shanghai lost more than two per cent.
Sydney was also hit, losing 2.3 per cent, while Taipei was the day's biggest loser, shedding more than five per cent.
The region followed the lead set by Wall Street, which plummeted 2.72 per cent overnight after the release of grim employment figures showed more people had lost their jobs in the United States that had been expected.
There was also miserable news on the jobs front in Asia, where Chinese computer maker Lenovo said it was laying off 2,500 staff.
And Japanese electronics firm TDK later forecast a 28 billion yen (301 million US dollars) net loss this year and announced 8,000 job cuts worldwide and the closure of four plants.
Tokyo's Nikkei was hammered as investors took profits from recent gains that had been caused by hopes over a stimulus package announcement from US President-elect Barack Obama.
"Some market players are once again focusing on actual economic conditions, after buying in recent sessions on expectations for Obama's policies," Shinko Securities analyst Yutaka Miura told Dow Jones Newswires.
Hong Kong and China stocks were hit by a fall in financials after it was announced that investment guru Li Ka-shing's charity had off loaded 511 million US dollars of shares in Bank of China.
The move, which followed similar divestments in local banks by overseas investors, led to fears that there would be further selling down.
Seoul was almost two per cent off as data showed the economy was on the verge of recession and President Lee Myung-bak called for "pre-emptive" steps to ease its impact. Mumbai was closed for a public holiday.
Elswhere in Asia, Singapore shares closed down 2.82 per cent while Malaysian stocks ended 1.8 per cent lower.
Indonesian shares were 1.3 per cent lower while Philippine stocks slid 1.7 per cent. Thai shares bucked the regional trend to close 0.45 per cent higher.
- AFP/ir
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