MW: Asia stocks extend losses as banks pounded; currencies slide
Asian markets extended their steep falls Monday afternoon, with financials leading the slide after banks dragged down Wall Street Friday and after trading in HSBC Holdings was halted ahead of its 2008 earnings. Tokyo's Nikkei 225 Average tumbled 4.1% to 7,262.15 in afternoon trading, with Seoul's Kospi skidding 4.5% to 1,015.38 and Hong Kong's Hang Seng Index losing 3.7%. Australia's S&P/ASX fell 2.7%, Singapore's Straits Times dropped 3.2% and China's Shanghai Composite slipped 0.4%. Asian currencies also slid sharply as investors sought a safe haven in the U.S. dollar, with the greenback rising to 1,583 South Korean won from 1,533 won earlier and to 51.50 Indian rupees from 50.98 rupees.
