Japan’s stock market posted its worst one-day decline in nearly 10 months Tuesday, with other Asian markets also falling sharply, as the continuing slide in oil prices weighed on investors.
In Japan, the Nikkei 225 plummeted 525.52 points, or 3%, to 16,883.19, extending a four-day losing streak, for its biggest daily percentage fall since March.
In Hong Kong, the Hang Seng index faltered 235.91 points, or 1%, to 23,485.41
Among top underperformers on the Nikkei Tuesday, oil and gas producer Inpex Corporation sank 5.8%, rival Japan Petroleum Exploration Co. lost 4.8%, insurer Dai-Ichi Life Insurance Co. Ltd. dropped 4.6% and console maker Nintendo Co. Ltd. gave up 4.2%.
The yen, meanwhile, rose against the U.S. dollar, with the greenback slipping to ¥119.14, from ¥120.33 a day earlier.
In Hong Kong, energy names and casino operators suffered heavily. Among them, China’s largest offshore oil producer, Cnooc Ltd., retreated 3.2%, and Melco Crown Entertainment Ltd. extended recent losses to move 2.3% lower amid plans to de-list the shares from the Hong Kong exchange.
In other markets;
The Shanghai CS300 index dipped 0.48 points to 3,641.06
The Kospi in Korea fell 33.30 points, or 1.7%, to 1,882.45
In Taiwan, the Taiex index ditched 225.77 points, or 2.4%, to 9,048.34
In Singapore, the Straits Times Index slid 46.33 points, or 1.4%, to 3,281.95
New Zealand’s NZX 50 index gave back 41.22 points, or 0.7%, to 5,561.38
Australia’s S&P/ASX 200 lost 85.53 points, or 1.6%, to 5,364.80.
