Asia tumbles on Iraq nerves
(CNN) -- Japanese shares have closed sharply lower Thursday in a broad sell-off, amid unsettling reports from Iraq and a view the market may have over-heated.
Other Asian markets also closed in the red, with big falls in Taiwan and Hong Kong.
In Tokyo, the Nikkei 225 posted its biggest single-day loss so far this year, dropping almost 300 points to finish 2.46 percent lower at 11,861.98.
Earlier in the day it rose as high as 12,189.98, exceeding the previous 32-month intraday high reached on Tuesday.
The broader Topix fell 1.9 percent to 1194.67.
The Japanese government said Thursday it was investigating unconfirmed news reports that two more Japanese citizens were abducted in a Baghdad suburb. (Full story)
Banks and technology stocks bore the brunt of the sell-down. Big bank Mizuho lost 4 percent to 758,000 yen and tech bellwether Advantest fell 3.85 percent to 8750 yen.
Investors also sold out of recent gainers such as real estate, construction and steel stocks.
Nippon Steel, Japan's biggest steel maker, fell 1.92 percent to 256 yen, a day after it hit a four-year intraday high. Rival JFE Holdings slipped 3.5 percent to 2750 yen.
Mobile phone operator NTT DoCoMo fell 1.76 percent to 223,000 yen and leading automaker Toyota Motor ended half a percent lower at 3830 yen.
Japan Airlines was off sharply, closing 2.6 percent lower at 337 yen.
The dollar is steady at 108.43 yen in Tokyo late Thursday following an address by U.S. President George W. Bush on the situation in Iraq. (Full story)
Elsewhere in the region, Australia's S&P/ASX200 gave up early gains to close 0.44 percent lower at 3419.3.
One of the Australian market's biggest stocks, telecom giant Telstra, finished 3 percent higher at A$4.71 after its chairman unexpectedly resigned Wednesday night. (Full story)
Resources leader BHP Billiton fell 1.2 percent to A$12.08 and media group News Corp. slipped half a percent to A$12.35.
South Korea closed
South Korea's market was closed Thursday because of national elections.
Taiwan's Taiex, which rose 1.2 percent Wednesday, tumbled 2.08 percent Thursday to finish at 6736.79. Two of the previous day's biggest gainers, chip foundries TSMC and UMC, were off sharply.
TSMC lost 3.2 percent to T$61.00 and UMC fell 5.3 percent to T$31.80.
Hong Kong's Hang Seng index is down about 2.2 percent to 12,389.88. There were more falls for China Mobile, PCCW and Hutchison Whampoa.
Singapore's Straits Times index is off about 1 percent, with SingTel, DBS and Singapore Airlines all about 0.8 percent lower.
Virtually the only market in the region to gain was New Zealand, where the Top 50 rose 0.3 percent to 2610.51, helped by a stronger Telecom NZ.
The moves in Asia came after another soft day on Wall Street Wednesday, with the Dow closing flat and the tech-heavy Nasdaq down 0.26 percent. (Full story
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Reuters contributed to this report.
