Asian stocks fell for a third day, led by financial companies, as the global credit crisis deepened in Europe and the US lost the most jobs in five years. The MSCI Asia Pacific Index fell 1.9% to 102.68 as of 9:50 a.m. in Tokyo. Last week, the regional stock benchmark posted the biggest weekly drop since August 2007 on concern that the US bank bailout will fail to stimulate demand for the region's exports.
Japan's Nikkei 225 Stock Average fell 2.8% to 10,636.18 while the Hang Seng in Hong Kong was down 2.5% at 17,236. The Kospi in Seoul was down 4.3% at 1359 while the Straits Times in Singapore dropped 2.7% to 2234. The Shanghai Composite in China - resuming trade after a week-long holiday - fell 3.1% to 2222. The Taiex in Taiwan shed 3.4% at 5549 and the S&P/ASX 200 index in Sydney was down 3.4% at 4536.
Japan's Nikkei 225 Stock Average fell 2.8% to 10,636.18 while the Hang Seng in Hong Kong was down 2.5% at 17,236. The Kospi in Seoul was down 4.3% at 1359 while the Straits Times in Singapore dropped 2.7% to 2234. The Shanghai Composite in China - resuming trade after a week-long holiday - fell 3.1% to 2222. The Taiex in Taiwan shed 3.4% at 5549 and the S&P/ASX 200 index in Sydney was down 3.4% at 4536.
