Greek debt contagion fears weigh on indices

Nikkei:8,535.67 (–201.99) Hang Seng:19,030.54 (–836.09) Shanghai Comp:2,497.75 (–1.19)

ASIAN STOCKS fell yesterday, with the benchmark index set for its lowest close in a year, amid speculation Greece may be nearing a default on its sovereign debt, bolstering concern that the crisis will spread.

The gauge slumped 8.6 per cent last month amid concern global economic growth is slowing as Europe’s sovereign-debt crisis spreads.

Commonwealth Bank of Australia fell 4.1 per cent to A$45.45.

Mitsubishi UFJ Financial, Japan’s largest listed lender by market value, sank 2.7 per cent to ¥323.

Toyota declined 2.1 per cent to ¥2,625.

Esprit, a global clothing retailer that gets more than 80 per cent of its sales in Europe, slumped 5.2 per cent to HK$18.66.

BHP slid 3.9 per cent to A$36.45, the biggest drag on the MSCI Asia Pacific Index.

Rio Tinto, the world’s second-largest mining company by sales, fell 4.3 per cent to A$68.20.

Suzuki Motor sank 2.8 per cent to ¥1,484 in Tokyo after German car maker Volkswagen said the Japanese car maker had violated terms by deciding to buy engines from Fiat. – (Bloomberg)