Business | Markets
Asian stocks plummet on renewed concerns about banking sector
Asian stocks have tumbled on gloomy US holiday sales and renewed concerns about the banking industry.
- AP
- Published: 11:15 January 15, 2009
Hong Kong: Asian stocks have tumbled on gloomy US holiday sales and renewed concerns about the banking industry.
Every market across Asian has suffered steep declines, with broad-based selling hitting industries from energy to financials to exporters. The dollar has slid further against the yen, and crude oil prices continue to fall on worries that the global recession would only weaken demand more.
Sentiment was pummeled after a US government report showed retail sales dropped 2.7 per cent last month. Also, a flood of negative news in the financial industry reignited worries about losses at international banks.
In Tokyo, the Nikkei 225 sank 415.14 points, or 4.92 percent, to close at 8,023.31 on Thursday.
Elsewhere, Hong Kong's Hang Seng was down 5.15 percent in afternoon trade, while South Korea's Kospi finished trading 6.03 per cent lower.
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