Asian Markets Take Fresh Hits

Key Asian stock markets suffered another steep fall on Wednesday, adding to the deepening woes of the region’s financial markets.

Chinese shares led the decline, amid growing disappointment over the government’s slow pace of restructuring state-owned companies and spinning those assets into existing publicly traded units.

Shanghai’s B-share index, which tracks shares foreigners can own, slumped 3% to 69.80, its lowest since March 20. In Shenzhen the B-share index dropped 1.1% to 124.06, a three-month low.

Hong Kong stocks also were dumped. The Hang Seng index tumbled 452.32 points, or 3.3%, to 13,384.24.

Meanwhile, South Korean stocks were hammered, with the benchmark index in Seoul falling 15.94 points, or 2.6%, to 604.74--the lowest close since Oct. 28, 1992.

The decline followed a trading suspension in the nation’s largest computer parts maker, Tae Il Media Co., its affiliate Newmax Co., and Ssang Bang Wool Co. amid concern over their solvency.

In Taiwan the Taipei market’s main index slumped 166.95 points, or 2%, to 8,262.40, as key banks raised interest rates.

In embattled Southeast Asia, the Malaysian and Philippine markets were hammered by continuing worries about the countries’ devalued currencies.

The Manila market’s main index fell 34.10 points, or 1.6%, to 2,040.11. In Kuala Lumpur the benchmark index took its largest one-day fall in two weeks, losing 21.07 points, or 2.6%, to 801.52.

Singapore’s market index fell in sympathy, dropping 1.2%.