Asian markets not immune, Nikkei and Hang Seng slide

THE BIG HIT THE HARDEST: Hong Kong's Hang Seng and Japan's Nikkei made grave losses

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New Delhi: The signals from the markets in Asia are mixed ones, after stock markets plunged yesterday on panic selling.

The Nikkei closed at a down of nearly 10 per cent on Wednesday, which is the third biggest one-day drop on record.

Stock markets in the Asia-Pacific plunged yesterday on panic selling as terrified investors fled equities for a fifth consecutive day.

The spread of the global financial meltdown sent the Japanese bourse plummeting to its lowest level since October 1987.

Asian markets fared worse than the US and European bourses because hedge funds were unwinding their positions in Asia, sending markets into a free fall, analysts said.

Japan's benchmark Nikkei 225 plunged 952.58 points, or 9.38 per cent, to 9,203.32 while Hong Kong's Hang Seng Index dived 1,372.93 points, or 8.17 per cent, to 15,431.73.