Asian markets declined in the early session of trade on Thursday (Mar. 27, 2008), led by automakers and banks, on concern that the U.S. economy is declining as credit market losses increase.
Toyota Motor, which depends for sales on North America, declined after orders for U.S. durable goods declined.
Japanese benchmark index Nikkei declined 225.65 points, or 1.78%, to trade at 12,480.98.
Hong Kong`s index Hang Seng lost 270.64 points, or 1.20%, to trade at 22,346.37.
China`s Shanghai Composite lost 125.22 points, or 3.47%, to trade at 3,481.64.
Taiwan`s Taiex index declined 158.74 points, or 1.81%, to trade at 8,609.28.
South Korea`s KOSPI declined 13.69 points, or 0.82%, to trade at 1,665.98.
Singapore`s Straits Times lost 27.30 points, or 0.91%, to trade at 2,967.92. (8.10 a.m., IST)
US stocks plunged on Wednesday (March 26) after disappointing reports on February`s durable goods orders injected more pessimism about the economy into the stock market.
The Dow Jones industrial average fell 109.74 points, or 0.88%, to 12,422.86. The NASDAQ composite index fell 16.69 points, or 0.71%, to 2,324.36.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.46% from 3.51% late Tuesday.
Majority of the Indian ADRs ended on a negative note barring Tata Communications that ended higher 1.82% at USD 28.