ASIA REPORT:Nikkei: 9,719.70 (–48.38) Hang Seng: 24,303.07 (–93.00) Shanghai Comp: 3,022.54 (–7.48)
MOST ASIAN stocks dropped yesterday, as a rally in crude oil prices sparked concern high energy costs will slow the economic recovery.
Futures on the Nikkei 225 Stock Average in Singapore fell as a strong earthquake shook buildings in Tokyo after markets had closed.
Qantas Airways, Australia’s biggest carrier, and Korean Air Lines dropped at least 2.6 per cent.
In the car sector, Toyota and Nissan both fell 2.4 per cent to ¥3,260 and ¥697 respectively and Honda dropped 2.2 per cent to ¥2,903.
Tokyo Electric Power leapt 19.1 per cent to ¥500 amid heavy buying by speculators and day-traders, dealers said.
BHP Billiton, the world’s largest mining company, climbed 3.8 per cent after copper futures advanced for a fifth day and as it doused speculation it may buy Royal Dutch Shell’s stake in Woodside Petroleum.
In China, Vanke fell 3.6 per cent to Rmb8.82, while in Hong Kong, China Resources fell 3.7 per cent to HK$15.06 and Guangzhou RF Properties shed 2.8 per cent to HK$11.32. – (Bloomberg/The Financial Times Limited 2011
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