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Business Times - 27 Oct 2008


HK shares close down 12.2%

HONG KONG - Hong Kong shares closed 12.2 per cent down on Monday, as investors dumped their stocks in panic following steep falls across Asian markets on concerns over a global recession, dealers said. -- AFP

Business Times - 27 Oct 2008


Nikkei slides to 26-year closing low, banks battered

TOKYO - Japan''s Nikkei average slid 6.4 per cent on Monday to its lowest close in 26 years as the yen advanced on the dollar, battering exporters such as Toyota Motor Corp amid a slide in Asian shares.

Mitsubishi UFJ Financial Group and other large banks were hammered on concerns they may need to raise billions of dollars each to offset hefty losses on their stock portfolios.

The benchmark Nikkei shed 486.18 points to 7,162.90, its lowest close since October 1982. The broader Topix fell 7.4 per cent to 746.46. -- REUTERS