Asian markets dwindle under selling pressure

Tracking overnight losses on the Wall Street the Asian indices are dwindling under tremendous selling pressure.

The Nikkei has tumbled 2% (290 points) to 14,543. The Hang Seng has shed 1.5% (235 points) to 15,386.

The Seoul Composite index has slumped 2.5% to 1209. The All Ordinaries index is down 1.7% at 4840.

While the Straits Times and Jakarta indices have dropped 1.5% each to 2304 and 1254, respectively, the KLSE Composite and Taiwan Weighted indices have declined 1.2% each to 905 and 6369, respectively.

The Shanghai Composite index is the sole gainer, up 0.8% at 1565.