Most Asian equity markets slid to multi-month lows on Friday, tracking the hefty losses in offshore markets overnight, and as a survey on China's manufacturing sector slumped to a six-and-a-half-year low. The flash Caixin/ Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 47.1, from an expected 47.7 in August, but down from July's final reading of 47.8. This data set, followed closely by global investors, is likely to fuel growth fears surrounding the world's second-largest economy. The Japanese stock market dropped after Wall Street tumbled as investors unloaded risky assets, hit by concerns that a slowdown in China could affect the global economy. Among the other Asian markets, Hong Kong, Shanghai, Singapore, South Korea, Indonesia and Taiwan are also lower, while, Malaysia market is up with modest gains.
Nikkei 225 dropped 453.95 points or 2.27% to 19,579.57, Hang Seng crumbled 527.41 points or 2.32% to 22,230.06, Jakarta Composite decreased 93.04 points or 2.09% to 4,348.87, Shanghai Composite dipped 111.47 points or 3.04% to 3,552.82, KOSPI Index slipped 41.63 points or 2.17% to 1872.92, Straits Times contracted 56.14 points or 1.87% to 2,953.64 and Taiwan Weighted was down by 216.02 points or 2.69% to 7,813.79.
On the flip side, FTSE Bursa Malaysia KLCI was up by 4.93 points or 0.31% to 1,582.34.