Asian stock markets were pounded Friday as a severe selloff on Wall Street and escalating fears over the global economic outlook took a heavy toll on investor confidence, prompting a flight to safety.
In Japan, the Nikkei 225 average collapsed 359.30 points, or 3.7%, to 9,299.88
Hong Kong’s Hang Seng Index let go of 938.60 points, or 4.3%, to 20,946.10
The stampede out of equities spared few sectors or individual stocks as losing stocks overwhelmed gainers across Asia, wiping out hundreds of billions of dollars in market capitalization across the region.
The session erased more than $136 billion U.S. in market value of companies listed on Japanese stock exchanges, according to data from FactSet Research.
The Hong Kong stock exchange lost more than $132 billion U.S. in investor wealth, with the two main Chinese stock exchanges losing more than $84 billion U.S. In Australia, the toll topped $62 billion U.S. and the Taiwanese markets shed more than $48 billion U.S., according to FactSet data.
Friday’s performance left Taiwan’s benchmark index with a net weekly loss of more than 9%, which was followed closely by an 8.9% decline for the Kospi and a 7.2% tumble for Australia’s S&P/ASX 200.
Financials were again among the worst hit stocks in Asia, with Nomura Holdings Inc. down 5.4%, HSBC Holdings PLC skidding 4.5%, and Macquarie Group Ltd. dropping 7.2%.
In Tokyo, Inpex Corp. shares swooned 6.8% in Tokyo, while Cnooc Ltd. dropped 5.9% in Hong Kong.
In Sydney, BHP Billiton Ltd. skidded 4.8%, while Rio Tinto Ltd. slid 6% as markets largely ignored the latter’s 30% jump in first-half profit, announced after the Australian market close on Thursday.
Many exporters were also under heavy selling pressure, with LG Electronics Inc. down 5.9%, and Samsung Electronics Co. dropping 3.9% in Seoul.
Strategists at ING said that investors are likely to be wary into next week.
In other markets
Shanghai’s CSI 300 Index jettisoned 62.89 points, or 2.1%, to 2,897.42
Korea’s Kospi Index shed 74.72 points, or 3.7%, to 1,943.75
Taiwan’s Taiex Index doffed 464.14 points, or 5.6%, to 7,853.13
Singapore’s Straits Times Index slipped 112.23 points, or 3.6%, to 2,994.78
New Zealand’s NZX 50 Index hurtled earthward 101.27 points, or 3%, to 3,276.51
Australia’s S&P/ASX 200 Index dumped 171.10 points, or 4%, to 4,105.40
