(RTTNews.com) - Asian stocks plunged sharply on Tuesday as geopolitical tensions and uncertainty about near term outlook for the global economy forced investors to indulge in heavy selling in stocks from across various sectors.
Worries about Italy's budgetary woes and Brexit too weighed on the market even as investors geared up to upcoming corporate earnings results.
In the Australian market, energy, materials, healthcare, financial and utilities stocks tumbled. The benchmark S&P/ASX 200 index ended down 61.80 points, or 1.05%, at 5,843.10. The broader All Ordinaries index closed down by 61.30 points, or 1.02%, at 5,944.90.
Resolute Mining plunged more than 11%. Seven West Media ended lower by about 6.7%. Washington H. Soul Pattinson & Co., Australian Pharmaceutical Industry and Origin Energy lost 4.4 to 5.4 percent.
Healthscope moved up by about 19.3%, Bellamy's Australia gained 4.7%, Aveo Group advanced by 4.1%, Flight Centre Travel Group added 4% and Corporate Travel Management climbed up by about 3%.
Key bank stocks drifted lower. Commonwealth Bank announced that it will make a post tax profit of A$140 million through the sale of its 80% stake in an Indonesian life insurance business for A$426 million.
The Japanese benchmark Nikkei 225 ended lower by about 610 points, or 2.7%, at 22,005.00.
Metal, construction, glass & ceramics, paper, shipbuilding, chemicals, machinery, mining, insurance and pharmaceuticals stocks declined sharply, while a few stocks from banking and automobile sections found some support.
The Chinese market too ended sharply lower. Shanghai's SSEC tumbled by about 2.26% and Hong Kong's Hang Seng declined by about 3.2%.
The KOSPI index of the South Korean Market declined by more than 2.5%. The benchmark indices of Malaysia, New Zealand and Taiwan ended lower by 1.5 to 2%. Indonesian market ended weak as well and the Indian market is currently trading notably lower. The Singapore market bucked the trend and ended modestly higher.
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