Monday, April 14, 2008

Asian markets nosedive

Asian stocks fell the most in a month, led by banks and consumer electronics makers, after Group of Seven finance ministers said global economic prospects have weakened.

Japan`s Sumitomo Mitsui Financial Group Inc. led declines on concern the eight-month rout in credit markets isn`t over. Honda Motor Co. and Samsung Electronics Co. slumped after General Electric Co. said profit unexpectedly fell. Canon Inc. dropped to a two-week low.

Japanese benchmark index Nikkei lost 373.93 points, or 2.81%, to trade at 12,949.80.

Hong Kong`s index Hang Seng tanked 681.92 points, or 2.76%, to trade at 23,985.87.

China`s Shanghai Composite fell 76.45 points, or 2.19%, to trade at 3,416.44.

Taiwan`s Taiex index rose 7.88 points, or 0.09%, to trade at 8,917.46.

South Korea`s KOSPI lost 26.52 points, or 1.49%, to trade at 1,753.19.

Singapore`s Straits Times lost 68.09 points, or 2.18%, to trade at 3,058.78. (8.20 a.m., IST)

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