Asian markets down, Japan at 26-year-low

Most Asian share markets dipped on the latest glum news from Japan, where stocks hit a 26-year low on the announcement of the country’s first current account deficit in more than a decade.
The country logged a deficit of 172.8 billion yen ($1.8 billion) in January in its current account as exports almost halved from a year earlier. Sydney and Seoul bucked the trend but elsewhere sentiment was down. Singapore saw its lowest close since July 2003. Hong Kong shed 4.8 percent as shares in banking giant HSBC plunged 24.1 percent.
TOKYO: Down 1.2 percent. The Nikkei-225 slipped 87.07 points to 7,086.03. Real estate firms were among the main victims.
HONG KONG: Down 4.8 percent. The Hang Seng lost 576.94 points to 11,344.58. It was the lowest close in more than four months, with much of the downward pressure coming from HSBC, which accounts for the index’s largest weighting.
SYDNEY: Up 0.3 percent. The S&P/ASX 200 rose nine points to 3,154.5. Strength in commodities helped the mining sector outweigh losses in bank shares, but gains were capped as the market saw the day’s performance by other bourses in the region.
SHANGHAI: Down 3.4 percent. The Composite lost 74.26 points to 2,118.75. With worries over figures coming this week on the consumer price index, trade and industrial output, dealers said, the market was skittish.
TAIPEI: Down 0.55 percent. The weighted index lost 25.39 points to 4,628.24. After opening down on profit-taking, losses were extended on continuing concerns about the extent of the global economic crisis and a weak performance by most of the region’s markets.
SEOUL: Up 1.58 percent. The KOSPI gained 16.7 points to 1,071.73. The market got a boost from a stronger won but dealers reported jitters over a possible North Korea missile launch.
SINGAPORE: Down 3.7 percent. The STI dropped 56.17 points to 1,456.95. It was the index’s lowest clos since July 2003, with market sentiment negative about the outlook ahead.
KUALA LUMPUR: Closed for holiday.
BANGKOK: Down two percent. The SET Composite lost 8.24 points to 411.27. Banking shares led the way down, with the market nervous about the US bailout plan for troubled insurer AIG.
JAKARTA: Closed for holiday.
MANILA: Down 1.5 percent. The composite index lost 29.54 points to 1,890.62. The main push down came from power retailer Meralco, which plummeted 25.4 percent to 94 pesos amid rumours of a proxy fight over the company.
MUMBAI: Down 2.0 percent. The Sensex fell 165.42 points to 8,160.4. Ahead of a two-day holiday, the market dropped on worries about a sell-off by overseas funds and the weak performance on bourses across the region.
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