Asian Stocks Lower For A Tenth Session

July 2, 2008 11:51 a.m. EST

Tokyo, Japan (AHN) - Asian markets again closed lower as investors remained concerned about the U.S. economy and the continued stress from high oil prices.

Japan's Nikkei Average shed 1.3 percent to 13,287, finished in the red for the 10th session. One Hong Kong Trader likened the market's losing trend to one last seen in 1965.

Both exporters and the shipping lines that transport goods were down. Canon lost 2.6 percent while Nissan Motor shed 2 percent along with a number of Japanese automakers hit by lower U.S. car sales.

As higher oil costs and the threat of increasing inflation loomed in the background, Hong Kong's Hang Seng fell 1.8 percent to 21,704 while China's Shanghai Composite closed unchanged at 2,651.

Elsewhere, South Korea's Kospi lost 2.6 percent to 1,623 as Samsung Electronics shed nearly 1 percent and LG Electronics dropped 4.6 percent, joining companies battered by economic concern.