Asian stocks hammered by global rout on subprime fears

HONG KONG (AFP) - Asian stocks were hammered Friday by a global rout after heavy losses on US and European markets as investors fled for shelter from the US housing woes.

Dealers said investors were alarmed by signs that the fallout from the US subprime mortgage problems was spreading to other regions.

If there is one thing investors hate it is uncertainty, and with the risk of more skeletons in the closet, few people were in the mood to buy.

Philippine share prices closed 3.0 percent lower, amid a slump in global equities on fears a US credit crunch on high risk mortgages posed a threat to the world economy.

Dealers said investors became more nervous after BNP Paribas, France's biggest bank, froze withdrawals from three of its funds that had invested in subprime mortgages in the United States.

The composite index ended down 103.24 points at 3,281.96. Volume traded reached 3.8 billion shares worth P4.7 billion ($102.86 million).

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