Monday, March 3, 2008

Asian stocks drop on growth concerns

Asian stocks had the biggest drop in almost two weeks today (March 03, 2008), led by banks and automakers, on deepening concerns credit losses at financial companies will increase and the U.S. economy is headed for a recession.

Japanese benchmark index Nikkei lost 545.93 points, or 4.01%, to trade at 13,057.09.

Hong Kong`s index Hang Seng lost 732.62 points, or 3.01%, to trade at 23,599.05.

China`s Shanghai Composite fell 1.81 points, or 0.04%, to trade at 4,346.73.

Taiwan`s Taiex index fell 230.44 points, or 2.74%, to trade at 8,182.32.

South Korea`s KOSPI lost 49.94 points, or 2.92%, to trade at 1,661.68.

Singapore`s Straits Times fell 93.55 points, or 3.09%, to trade at 2,932.90.

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