Stock markets across Asia fall sharply

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http://www.todayonline.com/World/EDC110222-0000284/Stock-markets-across-Asia-fal\

l-sharply

Stock markets across Asia fall sharply

11:05 AM Feb 22, 2011TOKYO (AP) - Asian shares fell sharply Tuesday, battered by

ongoing unrest in the Middle East, an earthquake in New Zealand and a downgrade

of Japan's credit rating outlook.

Oil prices, meanwhile, soared to near $93 a barrel Tuesday in Asia as Libyan

leader Moammar Gadhafi struggled to keep power of the OPEC nation amid violent

protests.

The Nikkei 225 stock average shed almost 2 percent to 10,644.38, Hong Kong's

Hang Seng index lost 1.7 percent to 23,077.27, and South Korea's Kospi was down

2.2 percent at 1,960.15.

Japan's ability to tackle its massive debt came under scrutiny again after

Moody's Investors Service downgraded its outlook for Japan's credit rating. The

rating agency on Tuesday changed its outlook for Japan's Aa2 rating from stable

to negative.

Moody's cited " increasing uncertainty " over Japan's ability to implement

effective measures to rein in rising debt in its decision, which comes less than

a month after Standard & Poor's cut Japan's sovereign debt rating.

Stock markets in Australia, Taiwan, Singapore and mainland China also retreated.

New Zealand's benchmark lost 0.9 percent to 3,351.1 after a powerful earthquake

hit the city of Christchurch. The temblor collapsed buildings and buried

vehicles under debris as police tried to confirm reports of multiple deaths.

Growing political unrest in Libya unnerved investors across the region. Sectors

vulnerable to oil price volatility, such as airlines, were hit by intense

selling.

Korean Air Lines Co. plunged more than 9 percent, and rival Asiana Airlines fell

9.9 percent. In Hong Kong, Cathay Pacific Airways was down 4.5 percent.

U.S. markets were closed Monday for a national holiday.

In currency markets, the dollar rose slightly to 83.16 yen. The euro was down at

$1.3608 from $1.3645.

[Guest guest]

The US market is down as well and oil it up.

In a message dated 2/21/2011 11:11:12 P.M. Eastern Standard Time, no_reply writes:

Stock markets across Asia fall sharply