Asian stock markets tumble

HONG KONG (AFP) - Asian markets tumbled on Tuesday as dealers decided to cash in on a rally that has pushed stocks to highs not seen for several months.
Tokyo led the declines, shedding 2.86 percent, while Hong Kong lost 1.80 percent, Sydney 1.72 percent and Singapore 1.23 percent.
Regional dealers were also taking a cue from Wall Street, which fell 2.13 percent on Monday due to weak data on home builders confidence. Markets have risen significantly on hopes for global recovery since hitting a trough in March and many reached highs last seen in September and October as the global financial crisis began to bite.
However, many analysts believe the advances are well out of line with actual economic fundamentals and have been expecting a downturn. (There are) concerns valuations may have overshot and are now weighing on sentiment. The market has been treading in overbought territory and this correction has come at a good time, a dealer told Dow Jones Newswires.
In contrast with other Bourses, Mumbai added 0.55 percent as dealers moved to snap a three-day losing streak.
TOKYO: Down 2.86 percent. The Nikkei-225 fell 286.79 points to 9,752.88.
Exporters were hurt by a rising yen as dealers moved into the safe haven currency on fears the economic recovery is not as near as first thought.
The market largely ignored an upgrading of Japans economic assessment by the central bank, which also left interest rates unchanged at 0.1pc. Down 1.80pc. The Hang Seng Index closed down 333.46 points at 18,165.50. Dealers said they expected the blue-chip index to consolidate further in coming sessions on continued profit-taking.
SYDNEY: Down 1.72 percent. The S&P/ASX200 plunged 69.2 points to 3,962.5.
SHANGHAI: Down 0.48 percent. The Shanghai Composite Index, which covers A and B shares, was down 13.53 points to 2,776.02.
TAIPEI: Flat. The weighted index closed down 4.75 points, or 0.08 percent, at 6,220.81.
SEOUL: Down 0.94 percent. The KOSPI ended down 13.27 points at 1,399.15.
The weak US economic data weighed on major exporters such as technology firms and carmakers. Samsung Electronics fell 2.4 percent to 565,000 won and Hyundai Motor lost 2.4 percent to 70,200.
SINGAPORE: Down 1.23 percent. The Straits Times Index fell 28.40 points to 2,288.16.
KUALA LUMPUR: Down 1.59 percent. The Kuala Lumpur Composite Index lost 17.05 points to 1,074.12.
BANGKOK: Down 2.51pc. The Stock Exchange of Thailand lost 15.38 points to close at 596.54.
JAKARTA: Down 1.91 percent. The Jakarta Composite Index lost 39.50 points to 2,030.36.
MANILA: Down 3.8 percent. The Philippine Stock Exchange composite index fell 98.68 points to 2,514.17.
WELLINGTON: Down 1.38 percent. The NZX-50 fell 39.00 points to close at 2,786.15.
MUMBAI: Up 0.55pc. The 30-share Sensex rose 82.39 points to 14,957.91.