Japan banking stocks tumble
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Resona has declined to comment on reports of a government share sale.
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HONG KONG, China (CNN) -- A tumble in Japanese banking stocks is hitting the Nikkei for a second session, pushing the index down more than 2 percent in early trading on Tuesday.
Japan's fifth-largest banking group, Resona Holdings Inc, helped push the bank sector down by falling 12.67 percent to 131 yen.
National broadcaster NHK said the Japanese government might sell its stake in Resona to retrieve funds used to bail out the bank in June.
Mitsubishi Financial, UFJ holdings, Mizuho Financial and Sumitomo Financial are down more than 5 percent, while the Nikkei 225 average had lost 2.24 percent to 10268.75.
Carmakers also took a dive early Thursday with Nissan, Mazda and Honda all off over three percent. Toyota was down 2.31 percent.
Tech stocks were also suffering with chip and computer conglomerate Fujitsu Ltd falling 3.96 percent to 630 yen. Canon was off 1.35 percent to 5130 yen and Sony 2.25 percent lower.
The selling of key sectors follows overnight losses on Wall Street as investors cashed in on recent gains.
The Dow Jones Industrial average close 0.5 percent lower at 9,756.53. The Nasdaq lost 1.5 percent to 1,941.64. (Full story)
In Korea, the Kospi had dipped 1.26 percent in early trade to 786.52 with a selloff in tech stocks forcing the issue.
Electronics giant Samsung lost 2.58 percent to 454000 won. SK Telecom was off 2.25 percent at 195500.
Australia's S&P/ASX 200 index was 0.71 percent lower near midday, at 3207.20.
Big bank National Australia Bank was down 1.48. The markets biggest stock News Corp. had shed 2.44 percent to A$12.77 while mining conglomerate BHP Billiton was trading at A$11.33, down 2.75 percent.
In New Zealand, the NZ50 had gained 0.327 at 2319.62.
