Asian stocks slumped Wednesday after heightened fears of U.S.-led military intervention in Syria sparked a selloff in global markets
Japan’s Nikkei 225 plummeted 203.91 points, or 1.5%, to at 13,338.46
Hong Kong’s Hang Seng Index shed 350.12 points, or 1.6%, to 21,524.65
The declines in Asia followed a 170-point drop Tuesday for the Dow Jones Industrial Average, with equities in the Middle East and Europe also slammed on worries over escalation in Syria, after government forces reportedly used chemical weapons against civilians amid the ongoing civil war.
U.S. President Barack Obama is currently consulting with allies and members of the U.S. Congress on the response.
Tokyo Steel Manufacturing Co. sank 8%, Suzuki Motor Corp. lost 5.4%, and Matsui Securities Co. fell 3% in Tokyo.
Among loss leaders in Hong Kong, state-owned PetroChina Co. and its natural-gas-distribution unit Kunlun Energy Co. — both constituents of the Hang Seng Index — fell sharply as trading resumed after a halt Tuesday at the companies’ request.
PetroChina slumped 4.4%, and Kunlun dived 13.5%, after PetroChina said three of its senior executives, including the chairman of Kunlun, were under investigation by authorities for "severe disciplinary violations."
In Australia, the resource sector saw weakness despite sharp gains for oil and gold futures overnight in the U.S.
Diversified miner BHP Billiton Ltd. dropped 2.3%, and energy firm Santos Ltd. shed 1%.
Shares of Woolworths Ltd. rose 2% after saying it expects subdued retail conditions in fiscal 2014,
CHINA
The Shanghai Shenzhen CSI 300 erased 12.82 points, or 0.6%, to 2,328.06
PetroChina’s Shanghai-listed shares dropped 0.5%.
Several property developers also declined, with China Resources Land Ltd. shedding 3.3% in Hong Kong, while Gemdale Corp. dropped 2.6% and Poly Real Estate Group Co. shed 2.4% in Shanghai.
In other markets;
The Taiex Index in Taiwan poked forward 3.70 points, or 0.1%, to 7,824.54
Korea’s Kospi Index dipped 1.32 points, or 0.1%, to 1,884.52
The Singapore Straits Times Index dropped 23.13 points, or 0.8%, to 3,010.89
In New Zealand, the Exchange 50 Gross Index slipped 32.31 points, or 0.7%, to 4,509.72
In Australia, the S&P/ASX 200 lost 54.05 points, or 1.1%, to 5,087.16
