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Asian stock markets slump as investors worry about US bank crisis

Asian stock markets closed lower on Monday amid concerns that the bankruptcy of Silicon Valley Bank (SVB) in the US could negatively impact the financial sector in Asia. The sell-off was also driven by a slump in banking stocks.

Hong Kong’s Hang Seng Index fell 2.27% to close at 19,247.96, with the biggest losers being Jingrui (-38.14%), Kaisa Holdings (-32.99%), and Sinosoft Technology (-30%). Most Kwai Chung (+85.26%), Winto (+60.61%), and China Environmental Resources Group (+55.88%) were the biggest winners.

In China, the Shanghai Composite Index closed down 0.72% at 3,245.31, with Essence Information Technology (-20%), Zhejiang Jinke Peroxides (-10.67%), and Beijing Haitian Ruisheng Science Technology (-10.36%) among the top losers.

Japan’s Nikkei 225 Index fell 2.19%, its steepest single-day decline in three months, to close at 27,222.04, dragged down by Resona (-9.19%), T&D Holdings (-8.99%), and Mitsubishi UF J Financial (-8.59%). East Japan Railway (+2.24%), Eisai (+2.13%), and Central Japan Railway (+0.99%) were among the winners.

In South Korea, the KOSPI Index closed down 2.56% at 2,348.97, with Sewon E&C (-29.97%), Douzone Bizon (-23.58%), and Capro (-15.66%) among the biggest losers. ENPlus (+8.21%), Firstec (+7.46%), and IIjin Electric Co (+5.44%) were among the winners.

The S&P/ASX 200 Index in Australia closed down 1.41% at 7,008.90, with energy stocks leading the decline. Computer share (-7.71%), Perpetual (-6.96%), and Omni Bridgeway Ltd (-6.87%) were among the biggest losers, while Ramelius Resources (+5.83%), Perseus Mining (+4.43%), and Silver Lake Resources (+3.77%) were among the winners.

Meanwhile, the SET Index in Thailand closed down 3.13% at 1,523.89, with Batter World Green (-17.11%), Preecha Group (-15.38%), and Xspring Capital (-14.95%) among the biggest losers. Prinyasiri (+7.14%), Thai Fabric Factory (+6.15%), and Boutique New City (+4.35%) were among the winners.

Investors are worried that the bankruptcy of SVB, which is the third-largest bank failure in US history, will have a ripple effect on global financial markets.

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