WRAP Asian stock markets falls, HKong, Tokyo ADDS SKorea

Seoul, South Korea
1. Pan left to right)from computer screens to stock board
2. Close up of graph on computer screen showing percentage drop in value of stocks
3. Pull out of computer screen and stock board in background
4. Close up of computer screen
5. Wide of stock board
6. Close up of KOSPI stock board
7. Stock board
8. Korea Exchange screen
9. Stock board
Hong Kong
10. Pan across Hong Kong stock exchange trading floor
11. Wide electronic board showing Hang Seng Index 13017.72 points, down 438.16 points, at time of filming
12. Various of dealers at desks
13. SOUNDBITE: (English) Benjamin Pedley, Managing director, LGT Investment Management Ltd:
“I think it’s just a general concern that banks and, as I mentioned, insurance companies are about to set for another wave of write-downs in the valuation of the assets they have in their books, and also a re-evaluation as to exactly how much some of these loans, they have, are worth. I think what we’ve seen in the US is likely to spread to Asia and that is increasing default rates amongst some of these companies, particularly export led companies.”
14. Wide of electronic board showing stock prices
15. Pan trading floor
Tokyo, Japan
16. Tilt down from stocks board to trading floor
17. Various of traders at desks
18. Stock board
19. Close up of stock movements
20. Wide of Tokyo Stock Exchange
Asian stock markets fell on Tuesday, with benchmarks in Hong Kong and South Korea off about three percent, as renewed financial fears sent banks across the region tumbling.
Hong Kong’s Hang Seng dropped 3.8 percent to 12,945.40, but the biggest fall was in South Korea where stocks closed 4.11 percent lower on Tuesday as exporters reacted to the global economic slowdown, analysts said.
In South Korea, the local currency, the won, fell against the US dollar to close at 1,455.5 won to the dollar, down 28 won from Monday’s close.
The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 4.1 percent to 1,127.19.
An analyst said investors remained wary of exports to the US market amid rising unemployment and weak consumer spending. He added that the economic and financial challenges facing global markets indicated that conditions for Korean exporters were not likely to improve soon.
Major exporters lost ground including market leader Samsung Electronics which fell 2.68 percent to 490,500 won (337 US dollars) and LG Electronics lost 3.29 percent to 73,600 won (50 US dollars).
The Asian markets retreated on Monday’s news that Japan’s recession deepened amid the global economic downturn still weighing on investors.
The managing director of LGT Investment Management, Benjamin Pedley, said there was general concern in the markets that banks and insurance companies were set for another wave of write-downs in the valuation of the assets.
Tokyo’s stock market continued to lose ground on Tuesday reaching the lowest level since the beginning of this year’s trade, amidst concern over the direction of a US automaker restructuring plan.
The Nikkei 225 stock average sank 1.4 percent to 7,645.51, as investors digested news Japan’s finance chief was stepping down because of health problems after facing allegations he was drunk at last weekend’s Group of Seven finance ministers’ meeting in Rome.
Crude oil prices fell below 37 US dollars a barrel, although the dollar strengthened against the yen.
Banks and insurers were in the spotlight amid concerns there was more pain ahead for the global financial industry.
In China, where shares have surged in recent weeks on hopes its economy can sustain strong growth, the Shanghai benchmark lost 2.9 percent to 2,319.44.
Markets in Australia, India and Singapore also declined.

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