Asian shares fell Friday, with banking stocks hardest hit on concerns over a global liquidity crunch after Wall Street tumbled to six-year lows in the wake of gloomy economic data.
Tokyo's benchmark Nikkei-225 index slumped 1.87 per cent to a near four-month low while the broad-market index fell to its lowest point in 25 years.
Investors took their cue from New York, where the Dow Jones Industrial Average fell 1.19 per cent Thursday, closing at the lowest level since October 9, 2002.
Markets across Asia were spooked by a raft of data underscoring the deepening US recession. The gloomiest report showed continuing claims for unemployment benefits rising by 170,000 to 4.987 million for the week ending February 7.
"With economic worries mounting again, investors are moving to reduce their risky assets," said SMBC Friend Securities strategist Hideaki Higashi in Tokyo.
Hong Kong fell 2.5 per cent, Singapore lost 2.1 per cent, Sydney slid 1.4 per cent and Seoul dropped 3.7 per cent.
"Few can be sure when the market will ride out the current economic meltdown at home and abroad," Concord Securities analyst Allen Lin said in Taipei, where the market slipped 2.03 per cent.
Shanghai was the only bright spot in a sea of red, rising 1.54 per cent as new industry stimulus measures by the Chinese government boosted sentiment.
Tokyo's benchmark Nikkei-225 index slumped 1.87 per cent to a near four-month low while the broad-market index fell to its lowest point in 25 years.
Investors took their cue from New York, where the Dow Jones Industrial Average fell 1.19 per cent Thursday, closing at the lowest level since October 9, 2002.
Markets across Asia were spooked by a raft of data underscoring the deepening US recession. The gloomiest report showed continuing claims for unemployment benefits rising by 170,000 to 4.987 million for the week ending February 7.
"With economic worries mounting again, investors are moving to reduce their risky assets," said SMBC Friend Securities strategist Hideaki Higashi in Tokyo.
Hong Kong fell 2.5 per cent, Singapore lost 2.1 per cent, Sydney slid 1.4 per cent and Seoul dropped 3.7 per cent.
"Few can be sure when the market will ride out the current economic meltdown at home and abroad," Concord Securities analyst Allen Lin said in Taipei, where the market slipped 2.03 per cent.
Shanghai was the only bright spot in a sea of red, rising 1.54 per cent as new industry stimulus measures by the Chinese government boosted sentiment.
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