World markets were down across the board in Friday trading as economic concerns in Europe spurred a flurry of profit taking from previous week’s that produced gains in a snowball type effect with the majority of exchanges experience large losses to end the trading week.
Stocks in Japan pulled back after closing at a nearly five month high the day before. Electronic makers and car makers weighed heavily on the markets.
In Japan, the Nikkei 225 closed down 136.62 points, or 1.39%, to 9,724.81.
Carmakers had a weak day. Toyota Motor Corp gave back .64% to 3,095 yen and Nissan Motor Co decreased 2.28% to 773 yen after announcing a recall.
Banks were laggards -- Shares of Mitsubishi UFJ Financial Group Inc. fell 1.8% to 392 yen and Mizuho Financial Group Inc. dropped by 2.2% to 128 yen, while Sumitomo Financial Group Inc. gave back 1.8% to 2,510 yen.
Mizuho Financial reported that it agreed to buy 2% stake in BlackRock, Inc. for $500 million.
Electronic makers slump -- Canon fell 1.87% and Sony Corp. closed down 1.49%.
China’s stocks were hit with one of the worst days in fourteen months as all three exchanges experienced significant losses led by banks and concerns of higher reserve standards and high inflation.
The Shanghai Composite closed down 162.31 points, or 5.16%, to 2,985.44.
Banks were hurt by concerns over reserve amounts. BoCom dropped by 5.99%, Agricultural Bank of China fell by 2.86% and Industrial & Commercial Bank of China shares closed 1.887% lower.
The Hang Seng closed down; off by 477.72 points to close at 24,222.58.
BOC Hong Kong was 4.3% lower, China Construction Bank fell 3.8%, ICBC declined 3.1% and HSBC was 2.7% lower.
Elsewhere, the smaller markets were also primarily down in Friday’s trading.
South Korea's Kospi decreased by 1.61% to 1,913.12.
Australia's S&P/ASX 200 closed down by .759% to 4,692.700.
India's Sensex closed down by 2.10%.
Malaysia's Kuala Lumpur Composite Index moved back by 13.89 points to 1,499.81.
Indonesia's Jakarta Composite Index fell by 78.77 points.
Shenzhen Composite closed red; down 6.129% to 1,357.404.
Taiwan's Taiex dropped by 120.90 points.
Singapore's Straits Times Index closed down by 1.26%.
New Zealand's NZX 50 closed down by .63%.
Philippine shares were down by 1.634%.
Shares in Thailand closed down by 1.068%.
