CANBERA (dpa-AFX) - Asian stocks tumbled on Wednesday as the U.S. government shutdown entered its 12th day and a private survey showed that China's manufacturing sector contracted for the first time in 19 months in December, due to ongoing trade frictions between the world's two largest economies.
China's Shanghai Composite index fell 28.61 points or 1.15 percent to 2,465.29 as the Caixin/Markit manufacturing PMI dropped to 49.7 from 50.2 in November, adding to investor concerns over slowing growth. Hong Kong's Hang Seng index plunged 715.35 points or 2.77 percent to finish at 25,130.35.
Australian markets ended sharply lower after a late-afternoon slide. The benchmark S&P/ASX 200 index fell 88.60 points or 1.57 percent to close at 5,557.80 in light trade after losing nearly 7 percent in 2018, marking its worst year since 2011. The broader All Ordinaries index ended down 83.80 points or 1.47 percent at 5,625.60.
The big four banks fell around 2 percent after a report showed property values across the country fell for the 15th consecutive month in December.
Mining heavyweights BHP and Rio Tinto dropped 1.6 percent and 2.3 percent, respectively, while energy stocks Woodside Petroleum, Oil Search and Santos tumbled 3-4 percent.
Shares of AusQuest slumped 15.8 percent after the mining exploration company said it is abandoning two of its projects in Western Australia.
Markets in Japan and New Zealand remained closed for the New Year holidays. India's Sensex, Singapore's Straits Times index and Malaysia's KLSE Composite index were down around 1 percent in the absence of fresh overnight cues from Wall Street and Europe, which were closed for the New Year's Day holiday.
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