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Asian markets fall on poor Wall Street performance

Asian markets fall on poor Wall Street performance
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First Published: Mon, Apr 14 2008. 12 38 PM IST
Updated: Mon, Apr 14 2008. 12 38 PM IST
AP
Thailand: Asian markets fell Monday after Wall Street tumbled late last week on concerns a slowdown in the U.S. economy and the outlook for corporate profits.
Japan’s Nikkei 225 index fell 3.1% to 12,917.5, while Hong Kong’s Hang Seng index was down 3.3% at 23,854.7 in afternoon trading.
The region’s biggest declines came in China, where the Shanghai Composite Index plunged more than 5% at one point. In early afternoon trading, it was down 4.7% at 3,330.3.
Disappointment over a lack of market supporting moves by Beijing also dampened buying sentiment on the Hong Kong and Shanghai exchanges, analysts said.
On Friday, poor first-quarter earnings from General Electric Co. sharpened worries over both corporate profits and the wider American economy, a vital Asian export market. The Dow Jones industrials fell 2% to 12,325.4.
Elsewhere, the stock market benchmarks in Australia, Indonesia, South Korea and Singapore were down around 2% or more.
Markets were closed in India, Vietnam and Thailand for public holidays.
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First Published: Mon, Apr 14 2008. 12 38 PM IST