Friday October 10, 09:49 AM
Asian stock market summary
MUMBAI (Thomson Financial) - JAPAN
The benchmark Nikkei (news) shed 9.6 percent to end at 8,276.43, its lowest close since May 2003 and its biggest one-day loss since the 1987
stock market crash on growing fears that the financial crisis will spark a global recession.
The benchmark average's drop of 24 percent for the week was more than double the weekly drop right after the 1987 market crash.
The market mood, which was bleak after a fall in New York shares and news that a Japanese real estate investment trust had failed, turned even darker after a bankruptcy filing by unlisted Yamato Life Insurance.
The broader Topix lost 7.1 percent to close at 840.86.
SOUTH KOREA
The Korea Composite Stock Price Index closed down four percent at 1,241.47, its lowest close since July 2006, but steadied after hitting a near-three-year intraday low of 1,178.51, after heads of South Korean brokerages met to propose market stabilisation funds, and as the won rebounded.
AUSTRALIA
The benchmark S&P/ASX 200 index ended unofficially down 8.3 percent at the day's low of 3,960.7, registering its biggest percentage and points fall since at least May 1992, on mounting fears of a global recession.
Sellers attacked stocks across the board, with heavyweight lenders and mining stocks all suffering heavily, in tune with a broad sell-off of markets across Asia.
CHINA
The Shanghai Composite Index ended lower for a sixth day, down 3.57 percent at 2,000.57, amid broad sell-offs in regional markets, with resource stocks hit hard on concerns that a global recession will slash demand for raw material.
Steel makers came under pressure after the government warned of a further slide in steel prices and property companies also slumped.
PetroChina, the biggest index component, closed slightly higher amid hopes that its parent company may buy back more shares.
Financials rebounded from their lows and analysts said that investors may have been anticipating purchases by government investment firm Huijin.
The Shanghai A-share Index fell 3.56 percent to 2,101.30, while the Shenzhen A-share Index shed 5.55 percent to close at 558.34.
The Shanghai B-share Index fell 6.51 percent to 110.70, while the Shenzhen B-share Index was down 5.36 percent at 265.28.
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