Global Rout Sends Asian Markets Dropping Down

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Asian Stock Markets
Us Gains Pushes Higher Asian Shares

Asian markets headed lower on Tuesday as falling oil prices heightened global growth fears and weighed on investors’ risk appetite.

Asian stock markets
Asian stock markets

Leading the losses, Japan’s benchmark?Nikkei 225?lost 2% to close at its lowest level since 31 October.

The index was at 16,755.32, while the dollar was at 117.42 yen against 117.81 yen in New York trading.

Data showing China’s?manufacturing activity contracting?in December weighed on shares in Hong Kong.

The HSBC/Markit manufacturing purchasing managers’ index initial reading fell to 49.5 in December from November’s final reading of 50.

The?Hang Seng?index was down 1.1% at 22,767.56, while the Shanghai Composite bucked the trend to rise 2.2% to 3,017.49.

Construction stocks got a boost after the country’s top economic planning agency gave approval to plans for a second international airport in the capital Beijing.

The expansion will cost $12.9bn and is aimed at easing air traffic congestion at the capital’s main airport.

Shares of China State Construction Engineering rose 0.5%.

In Australia, shares closed at a 10-month low as falling commodity dragged down resources stocks.

The benchmark S&P/ASX 200 was down 0.7% to 5,152.3 – its lowest close since 6 February. It also marked the sixth consecutive session of declines.

South Korean shares fell, closing just above a two-month low. The Kospi ended down 0.2% at 1,904.13 points.

Source BBC

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