Asian markets open negative

Asian markets opened negative on Wednesday (August 29) after confidence of U.S consumers fell the most in two years. Investors further panicked on concerns that the world`s largest economy (U.S) may be heading for a slump which would subsequently have adverse affects on the global markets.

Toyota Motor and Samsung Electronics fell after sales in U.S markets dropped on low consumer confidence. Macquarie Bank and Mitsubishi UFJ Financial declined on speculation that the tight credit markets caused by losses on U.S. home loans, will hurt its earnings. Canon dropped after the Yen strengthened against the Dollar.

The Japanese benchmark index Nikkei, declined 422.62 points, or 2.59%, to trade at 15,864.87.

Hong Kong`s index Hang Seng declined 499.95 points, or 2.14%, to trade at 22,863.81.

China`s Shanghai Composite declined 25.31 points, or 0.49%, to trade at 5,169.38.

Taiwan`s index Taiex declined 164.79 points, or 1.89%, to trade at 8,562.76.

South Korea`s KOSPI declined 24.76 points, or 1.35 %, to trade at 1,804.55.

Singapore`s Straits Times declined 74.41 points, or 2.23%, to trade at 3,268.59. ( 8.10 a.m, IST)