Asian markets shrugged off Wall Street's gains and bled into the red Wednesday, as earnings downgrades and disappointments weighed on investor sentiment.The Hang Seng dropped 638 points, or 2.6%, to 23,653, while China's Shanghai Composite Index fell 40 points, or 0.9%, to 4417. In Japan, the Nikkei lost 133 points, or 1%, to 13,345. Other Asian markets fell in line with Hong Kong and Japan. Taiwan's Taiex eased 33 points, or 0.4%, to 7543, and South Korea's Kospi tumbled 49 points, or 3%, to 1589. In India, the Bombay Sensitive Index finished 333 points, or 1.8% lower, at 17,758, perturbed by Tuesday's pat stance on interest rates by the central bank. Insurance firms in Hong Kong and China took a beating following an announcement by China Life Insurance ( LFC) that it projects net profit to grow by 50%, to 14.38 billion yuan ($2 billion) vs. analysts' expectations of 80% growth.
China Watch: A NICE Growth Play