Nikkei: 9,556.65 (–34.87) Hang Seng: 23,830.31 (–177.76) Shanghai Comp: 3,056.98 (+6.46): ASIAN STOCKS fell yesterday, after China raised the reserve requirement for its banks to tackle inflation, sparking worries that further tightening measures could damp economic growth.
Banks and financial groups were the biggest downside weight after the central bank’s move on reserve requirements.
In Hong Kong, HSBC fell 1 per cent to HK$82.30, while property developers fell on fears that further tightening would squeeze out strong capital inflows.
China Overseas Land fell 2.1 per cent to HK$16.14, while Henderson Land lost 2.2 per cent to HK$54.55.
Tokyo’s Nikkei 225 average was off 0.4 per cent to 9,556.65 as exporters were dragged down by the strengthening yen.
Sony fell 1.4 per cent to ¥2,427, while Canon dropped 1.4 per cent to ¥3,620.
KDDI declined 0.4 per cent to ¥499,000 following a report that stricken nuclear plant operator Tokyo Electric Power planned to sell shares in the telecom company.
Softbank, Japan’s mobile carrier, fell 2 per cent to ¥3,280. – (Copyright The Financial Times Limited 2011)
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