Business | Markets
Asian stocks tumble on auto and bank concerns
Asian stock markets tumbled on Monday amid downbeat comments from major US banks and mounting woes at US auto giants.
- AP
- Published: 10:27 March 30, 2009
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Obama denies carmakers' bailout
Obama denies bailout funds for big US automakers
Bangkok: Asian stock markets tumbled on Monday amid downbeat comments from major US banks and mounting woes at US auto giants.
Japan's Nikkei 225 stock average sank 373.53 points, or 4.3 per cent, to 8,253.44, and Hong Kong's Hang Seng slid 427.51, or 3 per cent, to 13,691.99.
South Korea's benchmark was down 3.1 per cent while markets in Singapore and Thailand fell about 2 per cent or more.
In Tokyo trade, shares of automakers fell after the White House said carmakers General Motors and Chrysler had not submitted acceptable plans to receive bailout money.
Toyota, the world's largest automaker, was down 3.4 per cent. Nissan Motor Co. slid 7.2 per cent and Honda Motor Co. sank 6.5 per cent.
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