06:42 AM EDT, 08/02/2024 (MT Newswires) -- Asian stock markets sold off Friday following Wall Street cues and concerns the US economy is slowing after weak employment and industrial reports issued Thursday.

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

In Japan, the Nikkei 225 opened sharply lower and traded sideways, finishing off 5.8% on the outlook that economies of the US and China might both struggle through the second half of 2024.

Export issues were undercut by a strengthening yen.

The benchmark Nikkei 225 fell 2,216.63 to 35,909.70, the second largest point drop in Nikkei 225 history, as losing issues outnumbered gainers 219 to six.

Leading the scant upside was NH Foods, gaining 7%, while Daiwa Securities fell 18.9%, with both moves following quarterly earnings announcements.

In Hong Kong, the Hang Seng Index opened lower and drifted south, finishing down 2.1%, undercut by tech issues.

The broad gauge Hang Seng fell 359.45 to 16,945.51 as losing issues outnumbered gainers 67 to 12. The Hang Seng TECH Index lost 2.6% on the day, while the Mainland Properties Index fell 0.8%.

Leading the upside was Wuxi AppTec, gaining 4.7%, while Wharf Real Estate lost 4.9%.

On the mainland, the Shanghai Composite fell 0.9% to 2,905.34.

On the other regional exchanges, the S. Korean KOSPI fell 3.7%; the Taiwan TWSE declined 4.4%; the Australian ASX 200 declined 2.1%; the Singapore Straits Times Index fell 1.1%, and the Thai Set declined 0.7%. In late trading in Mumbai, the Sensex was down 1%.