Asian markets declined in the initial sessions of trade on Thursday (Mar. 13, 2008) for the first time in three days, on concerns that the export demands will decline as crude oil crossed the USD 110 a barrel mark, thereby raising concern that consumer spending will reduce worldwide.
Toyota Motor declined as the Dollar fell to the lowest against the Yen since 1995. Mitsubishi UFJ Financial Group declined the most among banking stocks.
Japan`s largest oil explorer, Inpex Holdings advanced.
Japanese benchmark index Nikkei lost 261.08 points, or 2.03%, to trade at 12,600.05.
Hong Kong`s index Hang Seng declined 471.78 points, or 2.01%, to trade at 22,950.9.
China`s Shanghai Composite went down 58.87 points, or 1.45%, to trade at 4,011.24.
Taiwan`s Taiex index lost 74.64 points, or 0.88%, to trade at 8,360.66.
South Korea`s KOSPI lost 21.03 points, or 1.27%, to trade at 1,637.80.
Singapore`s Straits Times declined 40.40 points, or 1.38%, to trade at 2,877.54. (8.19 am, IST).