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Key Asian equities tumble after Wall Street plunge

Key Asian indices tumbled tracking Wall Street, which plunged on Thursday amid concern that rising interest rates will drag down economic growth and worries over rising bond yields.

In Japan, Nikkei 225 tanked 3%, losing over 8% this week.

Most sectoral indices were trading in the red in the Korean region. Hong Kong’s Hang Seng index was the worst hit among major Asian bourses. Shares of heavy-weights like HSBC and China Construction Bank lost 2% and 3.1%, respectively.

At 7.45 AM, Hong Kong’s Hang Seng was trading at 29442.85 down 3.31%, Japan’s Nikkei 225 was at 21202.55 down 3.14%, Taiwan’s Taiex was at 10230.41 down 2.95%, China’s Shanghai Composite was trading at 3173.35 down 2.72%, Singapore’s Straits Times was at 3360.26 down 1.63% and South Korea’s Kospi was at 2372.48 down 1.46%.