Asian markets from Australia to India suffered steep losses Wednesday on worries that a slowdown in the U.S. economy could affect the region's growth. Hong Kong stocks were the worst hit in the region, as investors considered the possibility that the U.S. Federal Reserve may not make an emergency rate cut, as had been rumored in the previous session.
In Tokyo, the Nikkei 225 declined 2.5 percent to 14,837.66, while the broader Topix index lost 2.1 percent at 1,438.72.
In Hong Kong, the Hang Seng Index dropped 1,153.02 points, or 4.2 percent, to 26,618.19. The 43-issue Hang Seng China Enterprises Index dropped even more, skidding 5.2 percent to 15,993.50.
The decline was led by market heavyweights such as China Mobile and refiner China Petroleum & Chemical Corp., or Sinopec. China Mobile's stock sank 4 percent while Sinopec skidded 6.2 percent.
In Tokyo, Inpex stock jumped 3.6 percent, and in Sydney, shares of BHP Billiton climbed 1.9 percent, while Woodside Petroleum added 0.7 percent.
Hong Kong listed energy stocks couldn't sustain their early gains in the broad market weakness. Shares of Cnooc shed 4.2 percent, while PetroChina Co. gave up 3.5 percent.
Financials' weak spell continued through the region, with shares of Mizuho Financial Group losing 4.1 percent and Mitsubishi UFJ Financial Group sank 4.3 percent in Tokyo, while in Hong Kong, HSBC Holdings dropped 1.6 percent.
In Sydney, shares of National Australia Bank stock shed 1.9 percent, while Commonwealth Bank of Australia's shares dropped 2.1 percent. ICICI Bank's stock sank 6.2 percent in Mumbai trading, while in Singapore, United Overseas Bank dropped 2.6 percent by late afternoon.
ELSEWHERE:
MUMBAI: India's Sensex dropped 2.3 percent to 18,846.21.
SEOUL: South Korea's Kospi sank 3.5 percent to 1,806.99.
SHANGHAI: The Shanghai Composite declined 1.5 percent to 5,214.23.
SINGAPORE: The Straits Times index shed 2.5 percent to 3,353.40.
TAIPEI: Taiwan's Weighted index dropped 2.3 percent to 8,484.11.
SYDNEY: Australia's S&P/ASX 200 slipped 0.6 percent to 6,384.30.
WELLINGTON: New Zealand's NZX 50 index gained 0.1 percent at 4,071.01.
with files from other wire services
