Singapore shares close 3.10 percent lower
SINGAPORE, Nov 20, 2008 (AFP) - Singapore shares closed 3.10 percent lower on Thursday after US stocks plunged on grim US economic news, dealers said.

The blue-chip Straits Times Index finished 51.64 points lower at 1,613.95.

Tokyo stocks plunge almost seven percent
TOKYO, Nov 20, 2008 (AFP) - Japanese share prices tumbled almost seven percent Thursday after heavy losses on overseas markets and another raft of gloomy economic data.

The Nikkei-225 index dropped 570.18 points, or 6.89 percent, to 7,703.04, the lowest close in about three weeks. The Topix index of all first section issues fell 45.15 points, or 5.46 percent, to 782.28.

"Investors tend to react nervously to negative data signalling recession," said Kazuhiro Takahashi at Daiwa Securities SMBC.

"There is also caution regarding a possible bailout of the Big Three. It has not taken a concrete shape yet and there are fears that the negotiations may fail."

The heads of the Big Three US car makers are pleading with US lawmakers for an emergency bailout to help them survive the financial crisis.

Investors were also spooked by news that Japanese exports dropped at the fastest pace in almost seven years in October, pushing Asia's largest economy deeper into recession.

Japan's exports to the rest of Asia dropped for the first time in 80 months as once-buoyant shipments to China started to fall.

Overnight on Wall Street the Dow Jones Industrial Average sank 5.07 percent, hitting the lowest level since March 2003.

Banking shares fell sharply. Sumitomo Mitsui Financial sank 10 percent to 281,500 yen and Nomura Holdings tumbled 11 percent to 666 yen.

Real estate stocks were also battered. Mitsui Fudosan dropped 14 percent to 1,070 yen and Mitsubishi Estate plummeted 13 percent to 1,077 yen.

Hong Kong shares close down 4 percent
HONG KONG, Nov 20, 2008 (AFP) - Hong Kong share prices closed 4 percent down Thursday, tracking a steep fall on Wall Street and regional bourses, dealers said.

The benchmark Hang Seng Index was off 517.24 points at 12,298.56. Turnover was 44.62 billion Hong Kong dollars (5.72 billion US).

Developers were among the worst hit, as job cuts and a bleak economic outlook dampened the confidence of potential property investors. Sino Land plunged 8.01 percent and Sun Hung Kai Properties dropped 4.97 percent.

Chinese shares close down 1.67 pct
SHANGHAI, Nov 20, 2008 (AFP) - Chinese share prices closed down 1.67 percent Thursday but dealers said economic stimulus efforts from Beijing helped prevent mainland markets from falling as sharply as others across Asia.

The benchmark Shanghai Composite Index, which covers A and B shares, closed down 33.71 points at 1,983.76 on turnover of 86.0 billion yuan (12.6 billion dollars).

Analysts said enthusiasm for Beijing's economy-boosting measures may prompt investors to give less weight to the heavy losses on Wall Street that came about from gloomy overnight US economic data.

"Despite the sharp plunge in US stocks last night, Chinese stocks didn't perform too badly today," Zhang Qi, an analyst at Haitong Securities told Dow Jones Newswires.

"I think this shows that Chinese investors are refocusing on the domestic scene, due to Beijing's economy-saving measures," he said.

Electronics producers and textile firms bucked the downward trend, boosted by Beijing's announcement that it will continue to raise export tax rebates for textiles products and some light industry products to shore up exports.

The steps are likely to ease the tax burden on companies in those sectors, Jacky Zhang, an analyst at Capital Securities analyst told Dow Jones Newswires.

The government will also give subsidies to rural households to buy home appliances to help stimulate domestic consumption and support output, the State Council, or cabinet, said in a statement on the its website.

Hisense Electric Co rose by the 10 percent daily trading limit to 6.29 yuan, while Xinjiang Tianshan Wool Tex Stock Co also ended limit-up at 2.93.

The Shanghai A-share index lost 35.51 points, or 1.68 percent, to 2,083.77 on turnover of 85.7 billion yuan, while the Shenzhen A-share index slid 0.49 points, or 0.08 percent, to 586.05 on turnover of 41.2 billion yuan.

The Shanghai B-share Index fell 0.35 points, or 0.33 percent, to 107.80 while the Shenzhen B-share Index lost 3.23 points, or 1.28 percent, to 248.66.

Indian shares fall 5.01 pct
MUMBAI, Nov 20, 2008 (AFP) - Indian shares fell more than five percent on Thursday afternoon, reacting to a five-year-low for the Dow Jones Industrial Average as weak economic data underlined deepening US trouble, dealers said.

The benchmark 30-share Sensex fell 439.24 points, or 5.01 percent, to 8,334.54, at a near three-year low.

"The markets are clearly showing signs of weakening, we see more pain ahead," said Atul Mehra, head of capital markets with J M Financial brokerage.

Malaysian shares down 1.4 percent
KUALA LUMPUR, Nov 20, 2008 (AFP) - Malaysian share prices closed 1.4 percent lower Thursday on sharp overnight decline in US stocks and weaker regional markets, dealers said.

The Kuala Lumpur Composite Index shed 12.33 points to close at 865.32.