Asian stocks open weak on subprime woes
Asian stocks open weak on subprime woes Asian stocks opened weak on Tuesday (September 18) on concerns that exports from the region would decline, due to a slowdown in US consumer spending. Market sentiments were further hurt after Bank of America said that the subprime-mortgage crisis would curb earnings. Japan`s largest bank Mitsubishi lost 2.9%, and second-largest car maker Toyota slipped 1.2%. Japan`s benchmark index Nikkei, which was closed yesterday, retreated 286.11 points, 1.77%, to trade at 15,841.31. Hong Kong`s Hang Seng slipped 221.89 points, or 0.90%, to trade at 24,377.45. China`s Shanghai Composite lost 35.27 points, or 0.65%, to trade at 5,386.12. Taiwan`s index Taiex lost 131.72 points, or 1.46%, to trade at 8,899.91. South Korea`s KOSPI declined 17.24 points, or 0.92%, to trade at 1,854.44. Singapore`s Straits Times lost 9.21 points, or 0.26%, to trade at 3,467.10. (8.25 a.m, IST)
