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HONG KONG (

TheStreet

) -- Here we go again? Asian stock markets, threatening a redux of Monday's massive international correction, dropped sharply Wednesday. Shanghai's index was particularly negative, plunging as much as 5% at times before settling at a loss of 4.3%.

Both crude oil prices and Wall Street futures also gave back their early gains.

The same concerns that fueled Monday's selloff remained in play today -- most notably the fear that China's high-performing markets are outpacing the country's economic realities.

"The markets are high and the valuations are getting ahead of the economy. Investors are starting to wake up to that fact," said Francis Lun, general manager of Fulbright Securities in Hong Kong.

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Japan's benchmark Nikkei 225 stock average lost 80.96 points, or 0.8 percent, to 10,204.00.

Shanghai's index dived 125.30 points, or 4.3 percent, to 2,785.58 after being down about 5 percent at one point. Hong Kong's Hang Seng shed 1.9 percent to 19,916.74.

Elsewhere, Korea's Kospi fell 0.3 percent, India's Sensex was 2 percent lower and Taiwan's index was flat. Australia's benchmark lost 0.2 percent.

Oil prices were unable to hold on their advance in Asia, losing 31 cents to $68.88 a barrel. On Tuesday, the contract gained $2.44 to settle at $69.19.

-- Written by Ty Wenger in New York

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