Financial stocks fell on the rising estimates of subprime loans related losses. Mizuho Trust & Banking shed 2.67% and Mitsubishi UFJ Financial Group declined 3.74%.

Consumer electronic makers also declined after Nomura downgraded its recommendations for the consumer electronic industry from “neutral” to “bullish”. Sharp Corp. dropped 3.79% and Matsushita Electric Industries declined 4.04%.


Asian Markets Review

In Tokyo Nikkei 225 Index closed lower 406.22 or 3.05% to 12,917.51, in Hong Kong Hang Seng index decreased 856.59 or 3.47% closed to 23,811.20. In Australia ASX 200 index lower 96.90 or 1.78% to close 5,342.40. In Malaysia KL Composite index decreased 13.36 or 1.07% closed to 1,233.43.

In South Korea Kospi Index decreased 33.00 or 1.85% to close at 1,746.71, Indonesia JSE Index edged decreased 31.45 or 1.37% to 2,272.48. Market of Thailand and India were closed today.