InfoAnda - Korea tensions, Europe crisis batter Asian markets

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Korea tensions, Europe crisis batter Asian markets AFP - Wednesday, May 26 Send IM Story Print HONG KONG (AFP) - – Rising tensions on the Korean peninsula and fears that the European debt crisis could torpedo economic recovery sent Asian stock markets plummeting Tuesday. Dealers were in sell-off mode across the region following reports that North Korea had put its civilians and troops on combat alert following an investigation blaming it for the sinking of a South Korean ship in March. The growing crisis added to the concerns already rattling markets after the Spanish central bank rescued a provincial lender at the weekend, heaping more pain on the country's already strained financial system. Seoul dived 2.75 percent to close at 1,560.83 after the Yonhap news agency reported North Korean leader Kim Jong-il had ordered the military to be ready for combat. The won also fell to a 10-month low against the greenback, hitting 1,272 to the dollar at one point, compared with 1,214.50 late Monday. It later recovered to 1,260.10. The report on the North Korean alert, citing a local monitoring group, came after Seoul said last week that a multinational probe had concluded that a North Korean submarine sank the South's warship killing 46 people. South Korea is now pressing China -- Pyongyang's closest ally -- to support international efforts to punish North Korea. "The report heightened geopolitical tensions, hurting sentiment further," Lee Sun-yup at Shinhan Investment Corp told Dow Jones Newswires. "Neighbouring countries and allies will not let war break out on the Korean peninsula. Still, we have to keep in mind that this kind of news or report will affect our financial markets from time to time from now on." Tokyo sank 3.06 percent to end at 9,459.89, a near six-month low, while Sydney shed 2.96 percent to a 10-month low of 4,265.3 and Hong Kong dived 3.47 percent to a 10-month low of 18,985.50. Shanghai fell 1.90 percent to 2,622.63 and Taipei tumbled 3.23 percent to end at 7,086.37, a nine-month low. The euro, which late last week picked itself up from four-year lows against the dollar, was again being sold off as investors looked for less risky investments, dealing a blow to Asian exporters. The European currency fell to 1.224 dollars in early Tokyo trade, down from 1.2349 in New York, and fell below 109.77 yen, near a nine-year low. Traders followed a heavy fall on Wall Street, where the Dow sank 1.24 percent on news of the bailout of Spain's CajaSur bank. The 523-million-euro (657-million-dollar) rescue came as Madrid introduced new measures to cut its public deficit to a eurozone limit of three percent of gross domestic product from 11.2 percent last year. The International Monetary Fund warned Spain its recovery would be "weak and fragile". "The European situation is looking more and more uncertain," with the focus shifting to Spain from Greece, Tachibana Securities operating officer Kenichi Hirano said. The fresh worries come amid a huge crisis in Athens, which last week received billions of dollars in bailout money to help it pay off its debt obligations and avoid a default. Fears have persisted that a trillion-dollar package agreed by the eurozone and IMF earlier this month may not be enough to avoid another crisis. Oil was lower. New York's main contract, light sweet crude for delivery in July, dropped 1.37 dollars to 68.84 dollars a barrel, and London's Brent North Sea crude for July was down 1.25 dollars at 69.92 dollars a barrel. Gold ended at 1,191.00-1,192.00 US dollars an ounce in Hong Kong, marginally up from Monday's close of 1,189.00-1,190.00 dollars. 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