Market Report - Asia Falls as Markets Return

Finance leaders at weekend G7 meeting warned the credit turmoil could unhinge the world economy, adding to the gloom.

Asian stocks fell on Monday amid growing concerns that the global slowdown will hurt company profits and spending.

Finance leaders at the G7 meetings in Tokyo over the weekend did little to calm nerves and warned that the credit turmoil could worsen.

French bank Societe Generale's record rogue trading scandal also weighed on the market.

Markets in Japan, China and Taiwan remained closed, but shares in Australia, Korea and Hong Kong fell on the pessimism.

Australian shares were down, led by banks hit by the prospect of further rate hikes. The S&P/ASX200 index fell 2.1 percent.

In Hong Kong, shares fell in the first trading session after the year of the Rat, as investors priced in overseas losses during last week's Lunar New
Year holiday. The Hang Seng was down 3.6 percent.

Korean stocks also fell, with banks and shipbuilders hammered by concerns over the global economy. The country's top domestic lender Kookmin Bank fell sharply as did Hyundai Heavy Industries. The KOSPI ended 3.3 percent lower.

As more markets return this week, we'll have a better idea of just how the Lunar New Year is shaping up for Asian markets.

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