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Business

Asian stocks tumble amid US bank sector uncertainty

Latest update : 2009-03-02

Asian stocks tumbled as bad news of economic contraction continued to flow. Tokyo's Nikkei fell by 3.81% amid uncertainty surrounding the US bank sector and the volatility of the dollar's value. Australia's market hit a low unseen since 2003.

AFP - Japan's Nikkei stock index tumbled 3.81 percent on Monday after Wall Street indexes sank to the lowest levels in about 12 years as fears deepened about the US economy.

The Nikkei-225 dropped 288.27 points to end at 7,280.15, coming close to last week's four-month lows. The broader Topix index of all first-section shares lost 22.12 points, or 2.92 percent, to 734.59.

"The Tokyo market is being hit directly by the lower share prices overseas," said Toshihiko Matsuno, research head at SMBC Friend Securities.

The market in New York Friday reacted to news of a worse-than-expected 6.2 percent contraction in the US economy in the fourth quarter.

Worries about the state of the US banking sector also mounted after Washington said it would own up to 36 percent of Citigroup under a deal that does not call for more government funds for the ailing financial giant.
 

Date created : 2009-03-02

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