Asian stocks close in the red zone as a result of the sharp decline in Wall Street

Markets in Asia all tumbled on Tuesday’s opening bell, following the heavy losses in the U.S. stock market, with S&P 500 experiencing its biggest decline since August 2011 (it lost 4.1 percent of its value) and Dow shedding as much as 1,175.21 points.

The Japanese benchmark Nikkei 225 index edged lower by 3.38 percent in early trading, with financials, technology, and blue chip stocks as the leading decliners. Fast Retailing, SoftBank Group, and Fanuc Manufacturing fell by 4.75 percent, 5.5 percent, and 3.91 percent respectively. South Korean benchmark Kospi index dropped by 1.94 percent, driven by the poor performance from its information and technology sector. Samsung Electronics lost about 2 percent in shares; its rival chipmaker SK Hynix closed 1.57 percent down.

The ASX 200 index in Australia slumped by 2.76 percent, with its energy sub-indexes as the worst performers. Oil Search was 3 percent lower in shares and Santos declined by 4.92 percent. The “Big Four” Australian banks contributed to the losses, with Westpac and ANZ falling by 3.34 percent and 4.92 percent respectively.

U.S. dollar remained strong against its peers

The greenback outperformed most of its peers on early Tuesday after lower global stocks have prompted investors to go long on the dollar. The dollar index closed at 89.628 after reaching an 11-day high of 89.699.

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