Asian Stocks Tumble Most in 3 Months as Japan Enters Bear Market
- Energy shares lead declines as oil slumps below $28 a barrel
- China stocks in Hong Kong slip to lowest level since 2009
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Asian stocks dropped the most in three months and Japanese shares plunged into a bear market as tumbling oil prices fed concerns over the global economic outlook.
The MSCI Asia Pacific Index sank 2.8 percent to 116.51 as of 4:01 p.m. in Hong Kong, heading for its biggest decline since September. Energy shares led losses across the region as oil extended its decline from the lowest close in more than 12 years before weekly U.S. government data forecast to show crude stockpiles expanded, exacerbating a global glut.