Several Asian markets ended sharply lower Friday as a news report on additional write-downs by Merrill Lynch reignited fears related to subprime mortgages.
The report dragged down financials such as Japan's Nomura Holdings, Australia's Macquarie Group, South Korea's Samsung Securities and Hong Kong's HSBC Holdings.
In Tokyo, the Nikkei 225 index fell 277.32 points, or 1.93 percent, to 14,110.79 points, its lowest close since Nov. 15, 2005. Real estate stocks were among the decliners, including Nippon Building Fund, which fell 2.8 percent. Brokerage Nomura Holdings fell 4.5 percent.
Shipbuilder IHI bucked the general trend and gained 1.4 percent on news it is in talks with JFE Holdings on a tie-up in shipbuilding operations. JFE Holdings ended the day 0.5 percent lower.
In Hong Kong, the blue-chip Hang Seng Index fell 363.85 points, or 1.34 percent, to 26,867.01.
Elsewhere:
BANGKOK: Thailand's main stock index dipped 0.5 percent to 796.47.
JAKARTA: Indonesia's market was closed for a national holiday.
KUALA LUMPUR: Malaysian shares surged, with the Kuala Lumpur Composite Index jumping 1.7 percent to a record closing high of 1,516.22.
MANILA: Philippine shares climbed their second straight session, tracking a rise in U.S. stocks on expectations of more rate cuts from the Federal Reserve. The Philippine Stock Exchange Index gained 49.10 points, or 1.4 percent, to 3,503.70.
SEOUL: South Korean shares fell to a seven-week low as a report of Merrill Lynch's larger-than-expected write-down renewed investor concerns over the subprime mortgage crisis. The Korea Composite Stock Price Index, or Kospi, fell 42.51 points, or 2.3 percent, to 1,782.27.
SHANGHAI: China shares rose on a technical rebound in banks and airlines. The benchmark Shanghai Composite Index rose 0.5 percent, or 28.13 points, to 5,484.68. The Shenzhen Composite Index edged 0.1 percent lower to 1,554.04.
SINGAPORE: Singapore shares fell to their lowest level since August. The Straits Times index reversed early gains to end 23.73 points, or 0.7 percent lower, at 3,287.34.
TAIPEI: Taiwan shares fell as investors took profits ahead of legislative elections this weekend. The Weighted Price Index of the Taiwan Stock Exchange dropped 27.96 points, or 0.35 percent, to 8,029.31.
WELLINGTON: New Zealand stocks were pulled down by negative offshore sentiment. The NZX-50 lost 28 points, or 0.7 percent, to 3,872.18.
SYDNEY: Worries about the U.S. economy continued to weigh on the Australian share market, wich generating the fifth consecutive daily drop. The benchmark S&P/ASX 200 closed down 97.1 points, or 1.6 percent, to a five-month low of 5,981.6.
with files from other wire services
