Asian Stocks Plunge on Unabated Credit Market Woes

The benchmark 225-issue Nikkei Stock Average rose 341.56 points, or 2.70 percent, from Tuesday to 12,999.84 after the morning trading. (AP Photo/Katsumi Kasahara)

TOKYO (AP) _ Asian stock markets are being pulled under by
escalating fears that the spreading financial crisis could spawn a
global recession.
The declines come despite steps by the world's major economies
to fortify credit markets.
Following a miserable day on Wall Street where the Dow Jones
industrials lost more than 500 points, investors in Asia are
responding by dumping stocks in a broad regional sell-off.
Japan's benchmark Nikkei (nee-kay) 225 stock average plunged
more than 5 percent. The market is now at its lowest level in five
The carnage was just as brutal in Hong Kong, where the blue chip
Hang Seng index tumbled 5.8 percent to 15,833.25.
Australia's benchmark S&P/ASX200 shed 3.4 percent. Key indices
in South Korea, Taiwan, Singapore, New Zealand and China were also
sharply lower.

(Copyright 2008 by The Associated Press. All Rights Reserved.)