06:48 AM EDT, 08/05/2024 (MT Newswires) -- Asian stock markets fell back sharply Monday, as traders weighed economic growth outlooks for China and the US, and noted a weakening US dollar. Tokyo logged the biggest one-day percentage decline in equities values in 37 years.

Hong Kong and Shanghai also finished in the red, as did other regional exchanges.

In Japan, the Nikkei 225 opened lower on international recession concerns and declined through the afternoon, finishing off 12.4% as traders also eschewed export issues due to a stronger yen.

The benchmark Nikkei 225 fell 4,451.28 to 31,458.42, as all 225 issues of the index lost ground.

The decline marked the Nikkei 225's largest nominal point-drop in history, eclipsing the 3,836-point dive notched Oct. 20, 1987, the day after the US Black Monday stock market crash. However, the 1987 decline was larger in percentage terms, with the Nikkei 225 falling 14.9% back then.

Losing less than the rest in Monday action was furnishings retailer Nitori, off 0.6%, while Chiba Bank fell back 23.7%.

Shipping line Kawasaki Kisen Kaisha lost 22%, after reporting quarterly earnings.

In economic news, the Japanese yen tracked to near 142 to the US dollar, after trading for more than 160 in early July.

In other news, the headline Japan services purchasing managers index (PMI) posted at 53.7 in July, up from 49.4 in June, and rising again above the 50-marker that separates growth from contraction, said S&P Global, citing its monthly survey.

In Hong Kong, the Hang Seng Index opened lower, wobbled and finished down 1.5%, as traders mulled global stock market reverses.

The broad gauge Hang Seng fell 247.15 to 16,698.36, as losing issues outnumbered gainers 53 to 29. The Hang Seng TECH Index lost 1.4% on the day, while the Mainland Properties Index rose 0.1%.

Leading the upside was Wharf Real Estate, gaining 6.2%, while state oil-giant CNOOC lost 6.4%.

On the mainland, the Shanghai Composite fell 1.5% to 2,860.70.

In economic news, the seasonally adjusted Caixin/S&P Global China service purchasing managers index (PMI) posted at 52.1 in July, up from 51.2 in June, reported S&P Global.

On the other regional exchanges, the S. Korean KOSPI fell 8.8%; the Taiwan TWSE declined 8.4%; the Australian ASX 200 declined 3.7%; the Singapore Straits Times Index fell 4.1%, and the Thai Set declined 2.6%. In late trading in Mumbai, the Sensex was down 2.8%.