Asian markets trade lower on Toshiba scandal

<p>Sentiment was also hampered by disappointing earnings results from US tech companies.</p>

Markets in Asia mostly fell today (July 22nd), led by Wall Street, as investors reacted to the Toshiba accounting scandal.

Chief executive Hisao Tanaka has resigned after it emerged the company overstated its profits for the past six years by a total of 151.8 billion yen (£780 million). Shares in the firm fell 1.7 per cent today, and have dropped around 20 per cent since early April when the accounting issues came to light.

Sentiment was also hampered by disappointing earnings results from US tech companies, with Industrial giantUnited Technologies Corp posting weak numbers and Microsoft reporting a $3.2 billion (£2 billion) quarterly loss.

Japan's benchmark Nikkei 225 index closed 1.2 per cent down at 20,593.67, China's Shanghai Composite index ended 0.2 per cent up at 4,026.05, and Hong Kong's Hang Seng index fell one per cent to 25,282.62. Australia's ASX 200 was down 1.6 per cent to 5,614.60.In Seoul, while South Korea's Kospi tumbled 0.9 per cent to 2,064.72.

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