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Further slump in shares in Asia Further slump in shares in Asia
(about 4 hours later)
Growing concerns about the state of the US economy have taken their toll on share prices in Asia.Growing concerns about the state of the US economy have taken their toll on share prices in Asia.
Tokyo's Nikkei index closed down 250.7 points or 1.96% at 12,532.1, which was its lowest close since September 2005.Tokyo's Nikkei index closed down 250.7 points or 1.96% at 12,532.1, which was its lowest close since September 2005.
The falls were sparked by US jobs figures on Friday, which showed the biggest monthly fall in employment for five years, and other gloomy US data.The falls were sparked by US jobs figures on Friday, which showed the biggest monthly fall in employment for five years, and other gloomy US data.
Hong Kong's Hang Seng had fallen 1.5% by the end of the morning session while Bombay's Sensex traded down 3.2%. European shares have not followed the Asian falls having already reacted to the US data on Friday.
Taiwan's benchmark Taiex index fell 2.7%, which was its biggest fall for six weeks.
Hong Kong's Hang Seng fell had fallen 1.5% by the end of the morning session but eventually closed up 0.9%.
'Recession-like state''Recession-like state'
Monday's falls added to hefty losses from Friday, when the Hang Seng closed down 3.6%, while Japan's benchmark Nikkei-225 index closed 3.3% lower. Monday's falls added to hefty losses from Friday, when Japan's benchmark Nikkei-225 index closed 3.3% lower.
"Japan's economy lacks a domestic driving force," said Tomoko Fujii at Bank of America."Japan's economy lacks a domestic driving force," said Tomoko Fujii at Bank of America.
"So a US recession-like state is boding ill for Japan's business cycle.""So a US recession-like state is boding ill for Japan's business cycle."
The US dollar hit an eight-year low against the Japanese yen on Friday of 101.40 yen on expectations of further cuts in US interest rates.The US dollar hit an eight-year low against the Japanese yen on Friday of 101.40 yen on expectations of further cuts in US interest rates.
Malaysian shares were suspended for an hour on Monday because the benchmark Kuala Lumpur Composite Index had fallen 10%.Malaysian shares were suspended for an hour on Monday because the benchmark Kuala Lumpur Composite Index had fallen 10%.
The falls came after the ruling coalition lost its two-thirds parliamentary majority in its worst election performance for 50 years.The falls came after the ruling coalition lost its two-thirds parliamentary majority in its worst election performance for 50 years.
Trading resumed later, and the stock market recovered slightly.