Asian markets retreat across the board, led by financials (MarketWatch) (08-07-2008)

HONG KONG (MarketWatch) -- Markets in Asia suffered losses on Tuesday, with Hong Kong, Taiwan and Japan suffering the steepest losses, as financials led declines. 

HSBC Holdings fell on worries about global credit markets, Hong Kong Exchanges & Clearing tumbled on concerns lower trading volumes, Mitsubishi UFJ Financial Group in Tokyo and Kookmin Bank in Seoul also dropped, following the fall overnight in New York.  

In Hong Kong, the Hang Seng Index skidded 3.3% to 21,200.16 and the Hang Seng China Enterprises Index tumbled 3.7% to 11,275.49, giving up gains from the previous session.  

The Nikkei 225 Average lost 1.8% to 13,121.86, giving up more than the 0.9% it added during the previous session to snap out of a 12-session losing streak -- its longest in 54 years. The broader Topix index fell 2.1% to 1,284.47.  

Elsewhere in the region, Australia's S&P/ASX 200 slipped 0.5% to 4,978.40, giving up early gains, and New Zealand's NZX 50 index gained 1.1% to 3,154.44. South Korea's Kospi slumped 2.8% to 1,534.55 and Taiwan's Weighted index fell 1.9% to 7,198.64.

Source: MarketWatch