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Asian stocks plunge to 19-month trough after skid on Wall Street

Asian shares dropped to a 19-month weak point on Thursday following Wall Street’s worst session in eight months amid worries over overvalued stock markets in the context of quickly rising dollar yields.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares tumbled 3.8 percent, and earlier hit its weakest level since March 2017.

Japan’s Nikkei closed down 3.9 percent, its sharpest daily fall since March, while the broader TOPIX lost near $207 billion in market value, sliding 3.5 percent.

Shanghai shares fell 4.9 percent to their nadir since late 2014, on course for their worst session since February 2016, while China blue chips lost 4.4 percent.

Hong Kong's Hang Seng dipped more than 3 percent. Australia’s ASX 200 skidded to lowest level since late April and South Korea’s Kospi was 2.8 percent lower.

On Wall Street, the S&P 500 closed down 3.29 percent overnight, the Nasdaq Composite lost 4.08 percent, while the Dow Jones sank 2.2 percent.

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