Asian indices reel under selling pressure

Following a steep fall in the Nasdaq most of the Asian markets are reeling under selling pressure this morning.

The Nikkei has dropped 163 points to 14,784. The Hang Seng has slipped 75 points to 16,397.

The All Ordinaries and Taiwan Weighted indices are down nearly 1% each at 4926 and 6385, respectively. The Straits Times, Jakarta and Seoul Composite indices have declined over 0.5% each.