Asian stock markets fell on worry about a possible US recession (BBC News) (03-03-2008)

BBC News, March 3 -- Main indices in the Asia Pacific region took over from the big tumble in US markets on Wall Street on Friday.

Tokyo's Nikkei index closed down 4.5%, or 610.84 points at 12,992.18, its lowest level for six weeks, with the decline of the dollar against the yen worrying traders as shares of big exporting companies such as Toyota and Honda plunged.

Shares in car maker Honda fell 5.8% to 3,070 yen and rival Toyota's shares were 3.3% down at 5,560 yen.

The banking and financials sector also suffered as credit market worry continues. Mitsubishi UFJ fell by 4.65%, Sumitomo tumbled by 4.87% while Mizuho plunged by 4.93%

Hong Kong's Hang Seng index declined by 2.88%, or 700.97 points at 23,630.70, Korea Composite Stock Price Index fell 2.3 percent to 1,671.73; elsewhere, Australia's benchmark S&P/ASX200 index slid 3 percent to 5,405.8, India's Sensex fell 3.3 percent to 16,992.57, while mainland China stocks advanced

Source: BBC News