Tokyo - Asian stocks took a big dive Thursday, reacting to a sharp fall overnight on Wall Street and wiping away gains from earlier in the week.

The largest falls in Asia were seen in Hong Kong and Seoul. Hong Kong shares plunged 7.08 per cent as the blue-chip Hang Seng Index lost 1,050.12 points to close at
13,790.04.

The losses came 24 hours after the index surged by more than 3 per cent on news of Barack Obama's win in Tuesday's US presidential election.

Tokyo - Toyota Motor Corp on Thursday sharply lowered its earnings projections for the current fiscal year because of a rising yen and slowing auto demand in the United States and Europe amid the global financial crisis.

Japan's leading automaker expected operating income of 600 billion yen (6 billion dollars) for the year that ends March 31, down 62.5 per cent from its initial projection in May.

The figure would also represent a fall of 73.6 per cent from the operating income earned the previous fiscal year.

Tokyo - Japan's stock market ended 6 per cent lower Thursday as renewed economic concerns wiped away gains brought a day earlier by Senator Barack Obama's victory in the US presidential election.

The Nikkei 225 Stock Average plunged 622.1 points, or 6.53 per cent, to close at 8,899.14.

The broader Topix index of all first-section issues also lost 57.61 points, or 5.96 per cent, to 909.3.

On currency markets at midday (0300 GMT), the dollar traded at 98.07-12 yen, down from Wednesday's 5 pm quote of 99.37-38 yen.

Toky