Asian Markets Drop Sharply Thursday
Asian markets fell sharply Thursday after Mitsubishi UFJ Financial Group (MTU) saw its share price tumble almost 8%, its biggest drop in over three years, re-igniting fears of U.S. subprime mortgage and its overseas fallout after Bank of America (BAC) and Wachovia (WB) warned of substantial Q4 writedowns (full story). "Bank shares were sold on the news about Bank of America," Shinkin's Tomomi Yamashita said.
The Nikkei fell 2.48%. Mizuho (MFG) fell 5.3%, Yahoo Japan (YHOO) dropped 4.9%, Nomura (NMR) was off 4.3%. Sony (SNE) was one of the few gainers, up 1%.
The Hang Seng fell 2.72%. Losers included China Petroleum (SNP), down 5.5%, China Mobile (CHL -3.9%), China Life (LFC -3.8%) and HSBC (HBC -1%).
Shanghai's composite index fell 2.7%.
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