Asian stock market summary

MUMBAI, Jan. 16, 2008 (Thomson Financial delivered by Newstex) -- JAPAN
Nikkei closed 3.4 pct lower at 13,504.51, its lowest closing level since October 2005, amid fears of further fallout from the US subprime mortgage crisis, and on concern about what Wall Street might do later today.Market was hit by the huge declines on Wall Street overnight following Citigroup's (NYSE:C) fourth-quarter loss of 9.83 bln usd and weak US December retail sales data. Weaker-than-expected earnings from Intel Corp (NASDAQ:INTC) also disappointed investors.The broader Topix eased 3.5 pct to 1,302.37.

SOUTH KOREAThe KOSPI index finished down 2.4 pct at 1,704.97 as sentiment took a beating from a major setback on Wall Street overnight.The Korean market is now at its lowest level since mid-August when the US credit crisis sent shares into a free fall.

AUSTRALIAThe S&P/ASX 200 closed lower for the eighth straight session, down 2.5 pct at 5,809.7, in reaction to a sell-off on Wall Street.The All Ordinaries was 2.5 pct lower at 5,870.8.

CHINAThe benchmark Shanghai Composite Index closed down 2.81 pct at 5,290.61, following sell-offs on the US and Hong Kong bourses amid growing worries over a recession in the US.

The Shanghai A-share Index fell 2.82 pct to 5,552.46 and the Shenzhen A-share Index was down 2.41 pct at 1,619.67.
The Shanghai B-share Index fell 1.76 pct to 361.46 and the Shenzhen B-share Index fell 3.09 pct to 696.35.

TAIWANThe weighted index closed down 2.96 pct at 8,179.54 on Wall Street's overnight plunge.
The bellwether technology stocks were also battered on Intel's decline in the US-trading, after its weaker-than-expected quarterly results.PHILIPPINESManila's composite index ended down 2.8 pct at 3,351.66, its weakest close in four months, on heightened fears over the US economy.Investors also worry that the faltering US economy will further crimp demand for

Philippine products and reduce remittances by Filipinos working abroad that help sustain consumer spending at home.Copyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.