RTTNews - The markets across the Asia-pacific region ended in negative territory on Tuesday, following losses on Wall Street, as concerns about global economic recovery resurfaced after the World Bank revised the global forecast downward. Sharp fall in commodities prices amid demand concerns also impacted the sentiment.

In the U.S., the major averages declined sharply after World Bank's forecast and warning that there will be a large decline in international capital flows amidst financial market fragility.

The Dow finished down by 200.72 points or 2.4% at 8,339, the Nasdaq fell by 61.28 points or 3.4% to close at 1,766 and the S&P 500 dropped 28.19 points or 3.1% to close at 893.

The Nikkei 225 Average opened sharply lower at 9,696 compared to its previous close of 9,826, and continued to drift further down on weak cues from Wall Street, lower commodity prices and gloomy outlook for the global economy. The index finally closed at 9,550, representing a loss of 276.66 points or 2.82%. The broader Topix Index of all first section issues ended at 902, down 20.79 points or 2.30%.

Light sweet crude oil futures for August delivery ended the Asian session down $0.33 at $66.60 a barrel. Yesterday, in New York , the July futures expired at $66.93 a barrel, down $2.52

Sumitomo Metal Mining, country's largest nickel producer, fell 6.16%. Among trading houses, Mitsubishi Corp. lost 5.31%, Mitsui & Co fell 4.55% and Sumitomo Corp., declined 5.01%.

Exporters and automakers declined on strengthening local currency against the US greenback. Digital camera maker Canon declined 2.80%, Advantest Corp. fell 5.58%, and Fanuc lost 3.89%. Among automakers, Nissan Motor lost 5.71%, Hino Motors fell 4.55%, Honda Motor declined 1.16% and Toyota Motor shed 2.45%.

Oil stocks declined on weaker crude oil prices. Inpex declined 4.41%, Nippon Oil slumped 4.62% and Showa Shell lost 3.63%.

Financial stocks also ended mixed. Mitsubishi UFJ lost 2.28%, Mizuho Financial fell 4.02%, and Sumitomo Mitsui declined 2.63%.

In Australia, the All Ordinaries Index opened unchanged from its previous close at 3,911, but it slipped into negative territory sharply by nearly 100 points in early trading before moving sideways for the rest of the session. The index ended with a loss of 117.80 points, or 3.01%, at 3,793. The benchmark S&P/ASX 200 Index followed a similar trend and ended lower at 3,797, representing a loss of 121.9 points, or 3.10%.

Light sweet crude oil futures for August delivery ended the Asian session down $0.33 at $66.60 a barrel. Yesterday, in New York , the July futures expired at $66.93 a barrel, down $2.52

Material stocks led the declines on weak commodity prices. BHP Billiton declined 4.11%, Centennial Coal slumped 11.24%, Fortescue Metals lost 9.83%, Oz Minerals fell 5.35% and Rio Tinto shed 2.78%.

Gold stocks ended in negative territory on lower gold prices. Lihir Gold fell 3.07%, Newcrest Mining lost 3.93% and Sino Gold declined 1.85%.

Oil stocks ended weaker following a drop in crude oil prices. Woodside Petroleum shed 2.49%, Santos lost 3.88% and Oil Search fell 3.47%.

Financials also ended in negative territory on concerns about a global recovery. ANZ Bank lost 3.32%, Commonwealth Bank Australia shed 3.82%, National Australia Bank declined 3.52% and Westpac Banking shed 4.52%.

In Hong Kong, the Hang Seng Index opened sharply lower at 17,577 compared to its previous close at 18,060 and traded in a narrow range throughout the session, on concerns about global recovery. The market ended with a loss of 521.18 points, or 2.89%, to close at 17,538.

Almost all the 42 components of the index, except three, ended in the negative territory as investors sold off shares amid growth and valuation concerns.

Resource stocks led the losses. Aluminum Corp. of China, or CHALCO, declined 6.57%. PetroChina lost 4.38% on weak oil prices, while CNOOC, the largest offshore oil company in China, fell 4.25%. Oil refiner Sinopec Corp declined 3.66%.

All the Financial stocks ended in the negative territory. Bank of China declined 4.21%, Bank of Communications slipped 2.69%, ICBC fell 3.54% and China Commercial Bank declined 2.07%.

In South Korea, the benchmark KOSPI Index ended sharply lower following losses on Wall Street, amid concerns about global recovery. The market opened sharply lower at 1,370 compared to previous close at 1,400 and continued to move in a narrow range in the negative territory. The index ended at 1,361, representing a loss of 39.17 points, or 2.80%.

Steelmakers and builders led the decline in the market. Steelmaker POSCO declined 3.79% and Hyundai Steel fell 3.38%. Among the leading builders, Daewoo Engineering & Construction slumped 7.05% and Hyundai Engineering & Construction fell 5.16%.

Financials also ended weaker on growth concerns. Woori Finance slipped 4.89%, Shinhan Group lost 1.63% and Hana Financial Group fell 5.55%.

Among shipping lines, Hanjin Shipping lost 6.88% ad STX Pan Ocean plunged 8.43% on concerns rising freight rates might dent their profit prospects.

In India, the stock market ended nearly flat, recovering most of the losses during the course of trading amid short covering and optimism about the first budget from the incumbent government.

The BSE Sensex ended flat with a loss of 2.21 points, or 0.02% at 14,324, and the broader Nifty index ended in the green with a gain of 12 points, or 0.28% at 4,247.

Among the other major markets in the region, China's Shanghai Composite Index slipped 3.60 points, or 0.12% to close at 2,893, Taiwan's Weighted Index lost 143.74 points, or 2.27% to close at 6,197, the Strait Times Index in Singapore shed 40.82 points or 1.80% to close at 2,226 and Indonesia's Jakarta Composite Index shed 60.64 points, or 3.07% to close at 1,914.

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