Japan's Nikkei Stock Average closed down 2.2% at 9,097.56, while Hong Kong's Hang Seng Index shed 2.2% to finish at 20,490.57. India's Sensex fell 1.8% to close at 16,990.18. Monday's performance marks another day of heavy losses in Asia.
Last week, Taiwan's Taiex sank more than 9% and the Kospi lost 8.9%. Japanese shares had dropped more than 5% last week, while Hong Kong shares fell almost 7%. While the latest trigger for the tumble came from Standard & Poor's downgrade of U.S. debt to AA+ from AAA, worries that European sovereign-debt troubles were spreading have also grabbed investor attention for several weeks.
After losing ground Friday, banking, insurance and other financial stocks fell further during Monday's session, with HSBC Holdings PLC falling 1.5% and Bank of China Ltd. sliding 3.6% in Hong Kong. Sumitomo Mitsui Financial Group dropped 2.2% and Shinsei Bank fell 3.3% in Tokyo.
KB Financial Group skidded 7.5% in Seoul and Cathay Financial Holding slumped 6.9% in Taipei. With benchmark Nymex crude-oil futures trading around $84 a barrel, energy stocks lost ground, with JX Holdings down 2.7% in Tokyo and Cnooc down 4% in Hong Kong. PetroChina shed 3.1% in Hong Kong and in Shanghai.
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