Asian stocks fell sharply Thursday, led lower by China's Shanghai Composite Index, which shed 4.5% on renewed concerns that rapid growth may force higher interest rates.
In Tokyo, the benchmark Nikkei 225 index fell 295.36 points, or 1.67 percent, to finish at 17,371.97 while in Hong Kong, the blue chip Hang Seng Index fell 11.52 points, or 0.1 percent, to 20,777.09.
Losers included Kobe Steel Ltd., which fell 2.11 percent to 463 yen (US$3.92), Tokyo Electron Ltd. posted a 1.93 percent drop to 8,630 yen (US$73.14) and Toyota Motor Corp. slipped 0.55 percent to 7,290 yen (US$61.78).
Banks also fell, with Mitsubishi UFJ Financial Group Inc. losing 2.26 percent to 1.3 million yen (US$11,016.95).
Elsewhere:
KUALA LUMPUR -- Malaysia's key stock index fell Thursday on broad-based selling following recent sharp gains. The Kuala Lumpur Composite Index of 100 blue chips dropped 1.7 percent to 1,306.36 points, off a low of 1,291.64. Losers outpaced gainers 917 to 109.
MANILA -- Philippine shares dropped for the second session Thursday as investors became cautious while the central bank holds its interest rate-setting meeting. The benchmark 30-company Philippine Stock Exchange Index shed 57.22 points, or 1.74 percent, at 3,238.06, adding to Wednesday's 0.7 percent loss.
TAIPEI -- Taiwan shares fell across the board on Thursday in line with poor regional showing. The Weighted Price Index of the Taiwan Stock Exchange fell 114.68 points, or 1.4 percent, to close at 7,888.63 points in light volume, with all sectors falling.
SHANGHAI -- China's benchmark Shanghai Composite Index tumbled 4.5 percent in volatile trading Thursday amid speculation that strong first-quarter economic data might prompt regulators to raise interest rates. The Shanghai index shed 4.5 percent to 3,449.02, as selling of property shares and other blue chips snapped the market's recent winning streak. At one point during the day, the index was down nearly 7 percent.
SEOUL -- South Korean shares fell Thursday, slipping off a record high on concerns over possible overheating in China's economy and declines in LG Electronics Inc. and steelmaker Posco. The won fell. The Korea Composite Stock Price Index, or Kospi, fell 20.92 points, or 1.4 percent, to 1,513.66. Through Wednesday, the Kospi has closed at all-time highs in seven of the previous 11 sessions.
WELLINGTON -- New Zealand stocks fell Thursday, weighed by a downturn in some blue chips and the continued impact of the high New Zealand dollar. The benchmark NZX-50 index slipped 12.9 points or 0.3 percent to 4,180.64.
SYDNEY -- Australian stocks dipped Thursday, dragged down by a strong Australian dollar and resource stocks hurt by weaker commodities prices. The benchmark S&P/ASX200 index retreated from Wedesnday's record gains to fall 71.8 points, or 1.15 percent, to 6,165.1. The All Ordinaries index also dropped, shedding 66.7 points to 6,148.3.
With files from wire services
