Market Report - Asian Shares Hit 5-year Low

CHAN:
Asian markets closed today with multi-year lows, pushed by the fear of recession. From Sydney to Seoul, most Asian markets closed at multi-year lows, while Japan's Nikkei saw its biggest one-day loss in a month.

Chipmakers Hynix Semiconductor and Taiwan's TSMC tumbled, joining major consumer electronics exporters like Panasonic and Sharp.

Citigroup's slide overnight to a 13-year low hit Asian banks like Japan's Mizuho.

China Construction Bank tumbled on concerns that Bank of America may sell some of its holdings.

With prospects for global commodities demand falling, Australian miners BHP Billiton and Rio Tinto fell.

Oil declined for a fifth straight session to below 53 dollars. U.S. crude inventories climbed twice as much as expected, signalling an economic downturn is hitting hard and demand for fuel is falling.

Struggling General Motors, hoping for a 25 billion USD car industry bailout, announced its Thai unit would shut down a plant there for two months, caused by falling global demand.

Category:

News & Politics

Tags:

• ntd
• ntdtv
• news