Asian markets fall led by financials (MarketWatch) (09-04-2008)

HONG KONG (MarketWatch) -- Asian markets fell for a second day on Wednesday led by financials throughout the region reacting to worries about global credit markets and a decline on Wall Street.

Japan's Nikkei 225 Average dropped 1.4% to 13,064.22 in late afternoon trading, while the broader Topix index fell 1.5% to 1,262.90. Both benchmarks gave up early gains.

China's Shanghai Composite dropped 2.3% to 3,530.55, after rising for four days, amid concerns about slowing earnings growth.

Hong Kong's Hang Seng Index lost 0.9% to 24,101.82, while the Hang Seng China Enterprises Index shed 1.9% to 12,951.47.

Australia's S&P/ASX 200 declined 1% to 5,515.60, after climbing as high as 5,610.10 earlier in the day.

India's Sensitive Index, or Sensex, dropped in early trading, but bounced off 15,464.72. It was recently up 1% at 15,748.85.

Elsewhere, New Zealand's NZX 50 index lost 0.8% to 3,575.45, Singapore's Straits Times Index fell 0.8% to 3,105.68 and Taiwan's Weighted index slipped 0.1% to 8,667.93, also hurt by late selling.

Banking stocks declined in most markets in the wake of a drop on Wall Street as well as persistent worries about the health of global credit markets.

Shares of Mitsubishi UFJ dropped 2.7% and Sumitomo Mitsui Financial Group declined 2.4% in Tokyo. In Sydney, shares of Commonwealth Bank of Australia gave up 3.4% and National Australia Bank shed 3.7%.

Source MarketWatch