Stocks Tumble Across Asia

Wall Street fears cause trouble for Hang Seng, Nikkei
By Jason Farago,  Newser Staff
Posted Nov 8, 2007 6:13 AM CST
A man stops and looks at stock prices board outside securities firm in Tokyo, Japan, Thursday, Nov. 8, 2007. Japan's benchmark Nikkei index fell 2.32 percent Thursday as traders took their cues from...   (Associated Press)
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(Newser) – Stocks in Asia dove today as investors fretted over Wall Street's losses and unloaded local property stocks, reports the Financial Times. The Hang Sang dropped 3.19%, or almost 950 points, making a slight recovery at the end of the day from a 4% loss. The Nikkei fell for a fifth straight day, this time by 2.3%. Even China, which often avoids the volatile swings elsewhere in Asia, saw stocks drop by 5%.

Almost every sector across the Asian bourses was in the red by the end of the day. In Japan, fears of a housing downturn took hold as several large condominium developers announced major cutbacks in supplies. Also, the weak dollar and rising yen have hurt exports, which contributed to stock declines in Sony, Toyota and Honda.