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Asian shares tumble as emerging market fears return

Published on Jan 27, 2014 11:09 AM

HONG KONG (AFP) - Asian markets sank on Monday following the worst losses on Wall Street in seven months, with investors gripped by renewed fears over emerging economies days ahead of a crucial Federal Reserve policy meeting.

Japan's Nikkei, which was the best performer last year, continued its 2014 downtrend as the yen surged against the dollar, while shares in developing countries also suffered selling pressure.

Tokyo tumbled 2.49 per cent by the break, Hong Kong shed 2.37 per cent, Shanghai lost 0.56 per cent and Seoul was 1.70 per cent off.

Taipei dipped 1.59 per cent, Singapore fell 1.48 per cent, Kuala Lumpur was 1.11 per cent lower and Manila lost 1.50 per cent. Sydney was closed for a public holiday.

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