Asian markets decline after overnight drop on Wall Street (MarketWatch) (20-02-2009)

HONG KONG (MarketWatch) -- Asian share markets fell Friday, with financial stocks hit by further weakness in their U.S. counterparts and investors cautious as the weekend drew near.

Japan's Nikkei 225 ended down 1.9%, while Australia's S&P/ASX 200 fell 1.4% and South Korea's Kospi Composite dropped 3.7%, though in the closing minutes each recovered some ground lost earlier in mid-afternoon selling. New Zealand's NZX-50 fell 1.5%.

Japan's more inclusive Topix index ended 1.6% lower at 739.53, breaching its lows of Oct. 27, 2008. The close is its lowest in a data stream dating back to 1985, according to Factset.

Hong Kong's Hang Seng Index was down 2.3% in the afternoon session. China's Shanghai Composite Index rebounded from early losses to rise 0.9%, and Taiwan shares fell 2%. India's Sensitive Index lost 2.1% by early afternoon.

Financial stocks across Asia were weak with Westpac down 3.7% and National Australia Bank 2.1% lower in Sydney, and Korea's Shinhan Financial down 4.8%. Japan's Mizuho FG fell 4.1% and Shinsei Bank was down 1.1% while HBSC was off 1.8% in Hong Kong and Taiwan's Cathay Financial Holding dropped 2.3%.

Australia's Macquarie Group was down 5.7% despite an ongoing short selling ban, as Macquarie units, and the overall market, came under pressure as investors analyzed corporate results released this week.

Source: MarketWatch