Amidst the fears of worsening economic crisis in US and Japan, Asia-Pacific shares fell to their five week lowest. The news of Deutsche Bank's first ever annual losses in 50 years further precipitated the situation. The Hang Seng closed with a decline of 5.5 percent to 12,949.00. The FTSE Asia-Pacific index registered the 3.9 percent loss at 156.01 whereas the sub-index of mainland Chinese shares in Hong Kong were down 5.3 percent to 6,840.39. HSBC lost 5.8 per cent to HK$65.95.
Some leading financial banks also faced the plunge in their share prices with National Australia Bank registering a downswing of 4.6 per cent to A$19.71, while ANZ Banking Group dropped 4.8 per cent to A$14.60 and Mizuho Financial plummeted 4.3 per cent to Y242.
Drop in machinery order of 16.2 per cent put more pressure on investors in Japan.
Nissan shares also scrambled with the news of Nissan's proposed losses in the wake of the worst auto market and stronger yen. On the other side in Hong Kong, Standard Chartered registered 6.2 per cent loss to HK$90.95 after the decline of proposal to lead the UK government's trade promotion efforts, by the chairman of the bank.
Sensex in Sydney and Mumbai also showed the downturn with Sydney shares drop by 4.3 per cent to 3,529.5 while Mumbai stock exchange was down 4.2 per cent to 8,976.94
