Tokyo, March 02: Stocks in Asia fell broadly in early trading Wednesday, following steep drops in the U.S. on concerns unrest in Iran and Libya could cause higher oil prices and hinder the global economic recovery.
Japan’s Nikkei 225 stock average was down 1.6 percent to 10,578.4, while South Korea’s Kospi slipped 0.35 percent to 1,932.5. Australia’s S&P/ASX 200 was off 0.8 percent, and shares in New Zealand were also lower.
The falls came after big drops in the U.S., where the Dow Jones industrial average lost 1.4 percent to 12,058.02, and the broader Standard & Poor’s 500 index fell 1.6 percent to 1,306.33.
Investors were concerned about higher fuel prices and their effect on the global economy, as unrest in oil-producing countries continued. Iran clamped down on anti-government protesters and forces loyal to Libya’s leader Moammar Gadhafi launched counterattacks against rebels expanding control over the country.
In currencies, the dollar climbed to 81.91 yen versus 81.84 yen overnight, and the euro inched up to $1.3776 from $1.3775.
——–Agencies