Asian stocks plunged today after JPMorgan Chase said it would acquire troubled US investment bank Bear Stearns.
Japan’s benchmark Nikkei stock index plunged more than 3% in early trading. The Korea Composite Stock Price Index in Seoul declined more than 2.5%. Markets in Australia and New Zealand also fell.
The Nikkei fell 387.16 points, or 3.2%, to 11,854.44 at midmorning after earlier dropping as much as 3.5 percent. The index lost 1.54% Friday.
In early trade Monday, Australia’s benchmark index fell 2.1%, while the New Zealand stock market, the first to open in the Asia-Pacific, fell 1.9%.
In Seoul, the Kospi declined 34.86 points, or 2.2%, to 1,565.46 after declining as much as 2.65% earlier.