Nikkei: (Markets closed for holiday) Hang Seng: 17,864.43 (-387.16) Shanghai Comp: 2,395.06 (-17.56):ASIAN STOCKS fell, with a regional gauge heading for its lowest close in a month, as a mining tax was approved in Australia and reports showed the US economy grew slower than expected and Chinas manufacturing may have contracted.

Samsung Electronics, South Korea’s biggest exporter of consumer electronics, slid 2.9 per cent in Seoul on speculation exports will drop as growth in the worlds biggest economy slows. BHP Billiton Ltd., the world’s No. 1 mining company, declined 3.1 per cent in Sydney after Australias House of Representatives passed a law taxing mining profits. Industrial Commercial Bank of China Ltd., the nations largest lender, fell 2.8 per cent after the report showing Chinas manufacturing may have shrunk.

The MSCI Asia Pacific excluding Japan Index fell 2.4 percent to 379.20 as of 4:49 p.m. in Hong Kong, poised for its lowest close since October 6th.

Hong Kongs Hang Seng Index dropped 2.1 per cent and Chinas Shanghai Composite Index fell 0.7 percent, erasing gains of as much as 0.3 per cent. Japanese markets are closed today for a holiday. – (Bloomberg)