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US plunge hits Asian shares hard

Panic selling sweeps markets across region
SINGAPORE. Apr 17: Asian stock markets were clobbered today after last week s sell-off on Wall Street, with the Nikkei average In Tokyo sliding eight per cent and setting the stage for a steep tumble in Europe, says Reuters.
Worries that US stocks could be in for another hammering today dragged the dollar down) 1.5 yen in Tokyo, but traders said falling Japanese stocks should limit the yen's progress.
US Treasuries climbed as fears of further falls in equities attracted Investors to fixed-income instruments.
In afternoon Tokyo trade, the 30-year bond US30'iT RR was at 107-4/22, yielding 5.7489 per cent against a US close of 106-18/32.
Panic selling swept Asian stock markets after the biggest ever point-loss hit the Dow Jones industrials on Friday, driving Tokyo down 8.6 per cent. Seoul 11 per cent. Hong Kong and Singapore around eight per cent, and stripping five per cent off Sydney.
Taiwan proved the only beacon of hope in the storm. ending the day 1 .4 per cent higher. The market fell 5.42 per cent on Saturday.
"The key thing is that investor psychologs’ has changed from greed to fear." said HSBC Australia equity strategist John Banos, suggesting there was more pain to come lor new economy stocks.
Asia's "new economy" technology stocks took their cue from a 9.67 per cent slide in the Nasdaq composite Index and plunged in nearly every market.
"1 think the trend for new economy, or technology, stocks will not only be weaker this week but over the next three months." Banos said.
The three key US Indices — the Dow Jones Industrials DJI. Nasdaq .IX1C and S&P 500 .SPC — all recorded their biggest ever one-day point declines on Friday. sliding 5.66 per cent. 9.67 per cent and 5.78 per cent respectively.
Spurring the rout was economic data showing US inflation running at its fastest in five years.
"Evidence that inflation Is looming in the United States^ prompted the panic sell-off. said Lee Jae-ho. an analyst at Daewoo Securities In Seoul
In Chicago. June Nasdaq 100 futures fell the overnight limit of 110-polnts on GLOBEX trade.
setting the scene for more possible losses in US trading later in the day. June Standard A Poor's 500s slipped 22.00 points to 1.345.50.
The dollar dropped to 103.94/4.40 yen JPY al 0528 GMT. easing from a high ot 105.60 yen as fears mounted over a possible further slide in US stocks and despite unconfirmed rumours that the Bank of Japan was in the market
It had stood at 104.75 yen In late US trade on Friday.
Tokyo stocks plunged on a one-two punch from sharp losses in US stocks and a planned reshuffle In the components of the Nikkei average, traders said.
The business daily Nihon Kelzai Shimbun. or Nikkei, said at the weekend it would change 30 component stocks of the key 225-share Index on April 24. prompting Investors to dump the outgoing stocks in a market already under pressure.
"The timing could have been better." said Kathy Matsui, chief equities strategist at Goldman Sachs in Tokyo.
However, the Tokyo market s underlying uptrend' appeared
Intnct despite the morning's sharp losses, said Hidenori Karaki, an equities general manager at Tokyo Mitsubishi Personal Securities, referring to the Nikkei announcement.
"Late last year, most of us forecast the Nikkei to be al around this level at about this time of year. Once knee-jerk selling cipars out. buyers will come back to the market for relatively cheap, domestic demand-related stocks," he said.
The Nikkei average .N225 was off earlier lows but still down 7.9 per cent to 18,819.43 by early afternoon. Core high-techs were big losers.
Key high-tech maker Sony Corp 6758.T was off earlier lows but still down 8.9 per cent at 12,090 yen. Other tumbling electronics groups included Fujitsu Ltd G702.T. down 1 1.95 per cent. NEC Corp 6701.T. down 10.95 per cent, and Toshiba Corp 6502.T. down 8.0 per cent.
Hong Kong's benchmark Hang Seng stock index HSI punched below the 15,000 level (or the first time since January 25. reaching 14,818.66 — a drop of 8.2 per cent or 1,324 points — after Iwo minutes of trade.
By morning end it stood 8.5 percent lower at 14,771.28.