Asian markets extend losses amid nuclear crisis

HONG KONG, Mar 15 (AFP): Asian stocks slumped Tuesday with Tokyo shedding more than 10 per cent as Japan's nuclear crisis deepened after two more blasts and a fire at an atomic power plant. As rescue workers continued to search for survivors from Friday's deadly earthquake and tsunami, eyes were on the troubled Fukushima No.1 complex where four reactors have now suffered explosions. The crisis has led to a huge stock sell-off, with Japanese giants such as Sony and Toyota hit after they were forced to halt production in the country, while shares in nuclear plant operator TEPCO lost almost 25 per cent after Monday's near 24 per cent plunge. Tokyo slumped 14.17 per cent at one point before late buying pared some losses. The Nikkei index ended down 10.55 per cent, or 1,015.34 points, at 8,605.15, its heaviest loss since the fall of Lehman Brothers in late 2008, and followed Monday's loss of 6.18 per cent. Hong Kong fell 2.86 per cent, or 667.63 points, to close at 22,678.25 while Shanghai lost 1.41 per cent, or 41.37 points, to end at 2,896.26. Sydney plunged 2.11 per cent, or 97.7 points, to 4,528.7 and Seoul shed 2.40 per cent, or 47.31 points, to 1,932.92. The dollar had touched four-month lows of 80.62 yen on Monday before the BoJ's injection. On oil markets New York's main contract, light sweet crude for delivery in April, dipped $2.12 to $99.07 per barrel, while Brent North Sea crude for April lost $2.25 cents to $111.42. Gold closed at $1,416.00-$1,417.00 an ounce in Hong Kong, down from Monday's close of $1,427.00-$1,428.00. Singapore dropped 2.80 per cent, or 84.78 points, to close at 2,946.08. Singapore Telecom fell 1.7 per cent to Sg$2.90, container shipping firm Neptune Orient Lines tumbled 4.95 per cent to Sg$1.92 and Singapore Airlines lost 3.96 per cent to Sg$13.10. Kuala Lumpur ended 0.75 per cent, or 11.21 points, lower at 1,484.14. Jakarta lost 1.27 per cent, or 45.35 points to end at 3,524.48. Carmaker Astra International shed 0.8 per cent to 54,950 rupiah, while coal producer Bumi Resources lost 0.8 per cent to 3,025 rupiah. Manila closed down 0.57 per cent, or 22.39 points, at 3,896.31. Alliance Global fell 2.0 per cent to 11.80 pesos and Energy Development rose 1.6 per cent to 6.18. Wellington slipped 1.40 per cent, or 47.06 points, to 3,314.14. Bangkok fell 1.93 per cent, or 19.79 points, to 1,003.10. Banpu lost 6.00 baht to 744.00, while PTT fell 11.00 baht to 338.00. Mumbai fell 1.47 per cent, or 271.84 points, to 18,167.64. Car maker Maruti Suzuki India fell 3.55 per cent to 1,214.5 rupees while Sterlite Industries, the Indian arm of resources giant Vedanta, fell 3.25 per cent to 157.65.