Asian markets fall, while China advances

Seoul: Most Asian markets fell on Monday as investors reacted to a steep decline on Wall Street on Friday after disappointing economic and corporate news reignited worries about a US recession.

Japan's benchmark index pared losses after sinking as much as 4 per cent, while markets in Hong Kong and Australia fell 3 per cent and South Korea's key index slid 2.3 per cent. Shares in mainland China, however, advanced.

Investors across the majority of the region dumped shares after a series of depressing economic and corporate reports on Friday out of the United States, a vital export market for Asia, sent the Dow Jones industrial average falling 315.79, or 2.51 per cent, to 12,266.39.

In Tokyo, the benchmark Nikkei 225 stock index was down 2.3 per cent at 13,603 in afternoon trading, recovering some ground after falling as much as 4 per cent earlier.

In Seoul, the Korea Composite Stock Price Index was down 2.5 per cent to 1,668.57, Australia's benchmark S&P/ASX200 index slid 3 percent to 5,419.20 and India's Sensex was down 2.7 per cent at 17,109.90.

Markets in China bucked the trend. The benchmark Shanghai Composite Index was up 2.1 percent at 4,440.95.