Asian stocks ended sharply lower Tuesday as regional markets paced a stock-market rout in Thailand after the nation's central bank moved to impose tough capital controls to stem a rise in its currency, the baht.
Japan's Nikkei 225 Average lost 185.23 points, or 1.09 percent, to finish at 16,776.88 while Hong Kong's Hang Seng Index fell 228.36 points, or 1.2 percent, to 18964.55.
Decliners included Tokyo Electron Ltd., which shed 1.28 percent. NEC Corp. fell 2.27 percent after the Tokyo-based electronics maker recalled 15,000 laptop computers on Monday over concerns they could catch fire.
The Stock Exchange of Thailand's benchmark SET Index plunged as much 19.5 percent before recovering some to close at 622.14, down 14.8 percent.
The fall came after the Bank of Thailand announced tough measures late Monday to clamp down on speculative inflows that have lifted the Thai currency, the baht, to a nine-year high.
The hardest hit sectors were banking, energy and telecommunications.
Elsewhere:
JAKARTA: Indonesian shares ended down 2.9 percent percent, hit by fears that capital controls in Thailand will weaken regional currencies.
KUALA LUMPUR: Malaysian shares tumbled as foreign funds dumped their holdings, spooked by Thailand's move to impose capital controls. The Kuala Lumpur Composite Index of 100 blue chips lost 2 percent to 1,060.36 points.
MANILA: Philippine shares slipped after the Bank of Thailand announced its new measures. The benchmark 30-company Philippine Stock Exchange Index dropped 28.12 points, or 1 percent, at 2,849.71.
MUMBAI: Indian shares took a battering after Thai shares unnerved investors. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, plummeted 349.08 points, or 2.5 percent, to 13,382.01. On the National Stock Exchange, the 50-stock S&P CNX Nifty nose-dived 96.75 points, or 2.5 percent, to 3,832.00.
SEOUL: South Korean shares declined amid the market volatility in Thailand. The Korea Composite Stock Price Index fell 5.47 points, or 0.4 percent, to 1,427.76.
SHANGHAI: Chinese stocks hit a record high for a fourth straight session, led by gains in two major state banks. The benchmark Shanghai Composite Index gained 1.4 percent to 2,364.18. The Shenzhen Composite Index rose 0.3 percent to 539.55.
SINGAPORE: The pall of uncertainty created by Thailand dragged Singapore shares to a sharply lower close. The Straits Times Index closed down 66.14 points, or 2.2 percent, at 2,897.30.
TAIPEI: Taiwan shares fell slightly after moving up and down within a tight range during most of the session. The Weighted Price Index of the Taiwan Stock Exchange dropped 25.74 points, or 0.3 percent, to 7,598.88.
WELLINGTON: New Zealand shares ended slightly lower in lackluster trade ahead of the holiday season. The benchmark NZX-50 index closed down 11.3 points, or 0.3 percent, at 3,980.49 on moderate volumes.
SYDNEY: The Australian share market pulled back from its record gains in recent days, with profit taking dragging the bourse into negative territory. The benchmark S&P/ASX200 index lost 31.8 points -- or 0.6 percent -- to 5,559.7.
With files from wire services
