Asian stocks tumbled Tuesday, led by a 3.2% drop in Indonesia, as worries that a reduction in the Federal Reserve’s bond purchases would hurt demand for emerging market assets slammed equities in both the region’s emerging and developed nations.
Japan’s Nikkei 225 tumbled 361.75 points, or 2.6%, to 13,396.38
Hong Kong’s Hang Seng Index jettisoned 493.41 points, or 2.2%, to 21,970.29
Resource-sector stocks lost ground across the region amid a rising U.S. dollar
In Sydney, gold producer Newcrest Mining Ltd. slid 2.9%, while diversified miner BHP Billiton Ltd. fell 1.4%.
Elsewhere, Korea Zinc Co. fell 4.9% in Seoul, Pacific Metals Co. lost 3.8% in Tokyo, and Jiangxi Copper Co. gave up 2.8% in Shanghai and 4.4% in Hong Kong.
Among energy producers, Inpex Corp. 3.2% in Tokyo, while PetroChina Co. dropped 3.7% in Hong Kong and 1.1% in Shanghai.
In Australia, QBE Insurance Group Ltd. tumbled 5.5% after reporting a lower profit and cutting its revenue outlook.
Coca-Cola Amatil Ltd. also retreated 5.5% after a price war cut into its first-half profit.
National Australia Bank Ltd. rose 0.7%, however, outperforming the broader market after a drop in non-performing loans helped raise its quarterly profit.
CHINA
The Shanghai Shenzhen CSI 300 shed 18.96 points, or 0.8%, to 2,312.47
Shares of Everbright Securities Co. plunged by the day’s 10% limit as trading in the stock resumed for the first time since Friday, when a technical glitch at the broker led to a huge buy order that resulted in massive volatility in Shanghai. The company says it has lost 194 million yuan ($31.7 million U.S.) from the glitch.
In other markets;
Korea’s Kospi Index dipped 29.79 points, or 1.6%, to 1,887.85
Taiwan’s Taiex Index lost 67.56 points, or 0.9%, to 7,832.65
The Singapore Straits Times Index was lower 44.58 points, or 1.4%, to 3,128.75
In New Zealand, the Exchange 50 Gross Index bucked the trend and gained 5.13 points, or 0.1%, to 4,508.36
In Australia, the S&P/ASX 200 declined 34.35 points, or 0.7%, to 5,078.18.
