Asian Markets Close Lower On Banks, Weak Earnings

Tokyo, Japan (AHN) - Asian markets closed lower Wednesday as Wall Street credit worries rippled across the region, sending banking and exporting shares down. Weak earnings also caused tech stocks to retreat.

Japan's Nikkei 225 fell 2.1 percent to 21,293 after word from the government production for the second quarter slipped 0.6 percent due to a fall-off in exports and consumer buying.

Hong Kong's Hang Seng dropped 1.6 percent to 21,293 while China's Shanghai Composite lost 0.4 percent to 2,446.

Elsewhere, Australia's S&P/ASX 200 lost ground, falling 2 percent to 4,951. South Korea's Kospi dropped 0.9 percent and India's Sensex fell 0.8 percent.

Concern over banking spread as Wall Street fell, pushed lower by U.S. and European financial institutions, including J.P. Morgan Chase & Co. and Wachovia.

In Shanghai, the Bank of China lost 2.9 percent,while Japan's Mitsubishi UFJ Financial Group lost 4.2 percent. In Australia, the National Australia Bank fell 3.4 percent while the Commonwealth Bank of Australia lost 1 percent.