ASIAN stocks tumbled on Friday morning, driving Japan's Nikkei 225 Stock Average down as much 11 per cent, with US futures falling on concerns that the deepening credit crisis will push the global economy into recession, Bloomberg news reported.

Mizuho Financial Group fell 9.6 per cent after Japanese bank lending growth slowed.

Neptune Orient Lines, South-east Asia's largest container shipping company, plunged 11 per cent after Goldman Sachs Group slashed its target price.

BHP Billiton lost 7.2 per cent after crude oil declined to the lowest level in a year.

'It's a financial panic,' said Mr Choi Min Jai, who oversees the equivalent of US$2.1 billion (S$3 billion) at KTB Asset Management in Seoul. 'The recession can only get worse. You can't find the link that will break the vicious cycle.'

The MSCI Asia Pacific Index lost 4.9 per cent to 87.86 as of 10.33am (9.33am Singapore time) in Tokyo.

The measure is poised to drop 16 per cent this week, the biggest slump since the index was created on Dec 31, 1987.

Only four stocks gained in the 990 member gauge. S&P 500 index futures lost 2 per cent.

All Asian benchmark indexes dropped. Japan's Nikkei plunged 9.8 per cent to 8,264.65.

China stocks fell for a fifth day, driving the benchmark index toward its biggest weekly plunge on record Citic Securities and China Merchants Bank leading the retreat.

The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, declined 87.26, or 4.4 percent, to 1,908.03 as of 9.38am.

The measure has plunged 15 per cent this week, the worst weekly performance since its introduction in 2005.

In South Korea, the main KOSPI was down 6.21 per cent at 1,214.46 points. The index opened 3.58 per cent lower at 1,248.96 points.

Australia's benchmark S&P/ASX 200 index was down 259.2 points at 4,061.7 at 0145GMT (9.45am Singapore time), after earlier falling as much as 7.5 per cent to 3,984.3, its lowest level since May 2005.

Losses this week have reached about 15 per cent so far.

Analysts said while contagion was sweeping global markets, Australian companies were also vulnerable to economic slowdowns in China, India and other Asian markets.

Indonesian stock exchange president says trading was to remain suspended 'to prevent deeper panic.'

Taiwan is shut for a holiday.

Hong Kong share prices opened down 7.7 per cent - benchmark Hang Seng Index was down 1,225.72 points at 14,717.52.

MSCI's Asian index is down 42 per cent this year as mounting mortgage-related losses at financial firms caused credit to dry up, toppling banks including Lehman rothers Holdings and slowing global demand for Asia's exports.

KUALA LUMPUR
At 9.30 am today, there were 31 gainers, 323 losers and 53 counters traded unchanged on the Bursa Malaysia.

The KLCI was at 946.27 down 22.62 points, the FBM2BRD was at 4,754.65 down 60.65 points, and the FBMEmas was at 6,292.71 down 153.16 points.

Turnover was at 83.950 million shares valued at RM150.155 million (S$62.79 million).

SHANGHAI
Chinese share prices opened sharply lower on Friday following a fresh round of losses on US and European stock markets overnight, dealers said.

The benchmark Shanghai Composite Index, which covers A and B shares, opened down 78.63 points, or 3.79 per cent, at 1,995.96.

The Shanghai A-share index lost 82.63 points or 3.79 per cent to 2,096.16, while the Shenzhen A-share index shed 19.73 points or 3.34 percent to 571.39.

HONG KONG
Hong Kong share prices opened down 7.7 per cent on Friday, as worries over the state of the global financial system sent markets across Asia into a tailspin, dealers said.

The benchmark Hang Seng Index opened down 1,225.72 points at 14,717.52.

TOKYO
Japanese shares plunged in morning trade on Friday as jittery investors dumped shares following massive overnight losses on Wall Street.

The benchmark Nikkei 225 index fell 736.40 points, or 8 per cent, to 8,421.09 as of 10.20 am (9.20am Singapore time).

At one point Japan's key index plummeted 1,042.08 points, or 11.4 per cent, before rebounding.

The massive sell-off in Tokyo came after the Dow Jones industrial average on Thursday dropped 679 points, or 7.3 per cent, to close below the 9,000-line for the first time in five years.

'Selling is unstoppable in New York and Tokyo. Investors were gripped by fear,' said Mr Yutaka Miura, senior strategist at Shinko Securities.

'They were worried about a severe slump in the global economy.'

Japan's broader Topix index also lost more than 9 per cent in early trade.