Asian stocks fall on subprime concerns
Asian stocks fall on subprime concerns Asian markets closed lower on Tuesday (Sep. 18, 2007) after Bank of America said that their earnings will be affected by the U.S. subprime-mortgage losses, raising fresh concerns about it and its widespread effect. Mitsubishi UFJ touched its one-month low and National Australia Bank fell to a seven-week low on concerns about problems in credit markets. Toyota Motor lost the most among exporters on speculation that the U.S. economy will slowdown and Korean Air Lines declined after the cost of crude oil crossed USD 81 a barrel. Japanese benchmark index, Nikkei, lost 325.62 points, or 2.02%, to trade at 15,801.80. Hong Kong`s index Hang Seng lost 22.49 points, or 22.49%, to rule at 24,576.85. China`s Shanghai Composite rose 3.82 points, or 0.07%, to trade at 5,425.21. Taiwan`s index Taiex lost 131.72 points, or 1.46%, to trade at 8,899.91 . South Korea`s KOSPI declined 33.07 points, or 1.77%, to trade at 1,838.61. Singapore`s Straits Times lost 1.44 points, or 0.04%, to trade at 3,477.75. (3.10 p.m. IST, Tuesday)
