Asian Markets Update: Markets Tank Following Wall Street's Slide

TOKYO -- Asian stock markets skidded lower Monday, following Friday's ugly performance on Wall Street, as investors remained concerned about the uncertainty surrounding the U.S. presidential election.

In Tokyo, the Nikkei 225 closed down 323.9 points, or 2.2%, at 14,664.6 and the Topix index, which includes all shares listed on the Tokyo Stock Exchange, fell 21.3, or 1.5%, to 1395.7.

Besides the distraction of the U.S. election, Japanese investors had to contend with their own political uncertainty, as Prime Minister Mori tried to avoid a possible vote of no confidence and increasing calls for him to resign. Many in opposition and even some of Mori's own ruling party are concerned about the slow recovery and reform of the economy.

Such an atmosphere did little for volatile technology shares, as NEC(NIPNY Quote) dropped 85 yen, or 3.7%, to 2,190 ($20.27) and Fujitsu (FJTSY Quote) tanked 80 yen, or 4%, to 1,935.

Telcos also moved lower, as wireless operator NTT DoCoMo (NTDMY Quote) fell 40,000 yen, or 1.4%, to 2.86 million and Nippon Telegraph & Telephone (NTT Quote) closed down 20,000 yen, or 2.1%, at 920,000.

The dollar traded at 108.01 yen, up from 107.32 yen Friday.

Elsewhere, Hong Kong's Hang Seng index also ended in the red, falling 573.7, or 3.7%, to 14,815.7. Dragging it down were China Mobile (CHL Quote), which dropped HK$2.45, or 4.8%, to 48.30 ($6.19), and HSBC (HBC Quote), which shed HK$4.00, or 3.5%, to 111.00.

South Korea's Kospi index tanked 26.2, or 4.6%, to close at 538.9. Contributing to the losses were Korea Electric Power (KEP Quote), which fell 850 won, or 3%, to 27,250 ($23.96), and SK Telecom (SKM Quote), which slid 13,000 won, or 4.8%, to 259,000.

Taiwan's TWSE index fell 295.2 points, or 4.9%, to 5793.5, as heavyweight Taiwan Semiconductor (TSM Quote) plummeted 6.6% to TWD106.50 ($3.32).