Nikkei: 8,741.91 (-137.69) Hang Seng: 18,076.46 (-797.53) Shanghai Comp: 2,383.49 (-56.92)ASIAN STOCKS fell yesterday, driving the regional benchmark index toward its biggest fall in two weeks, as China said its economy grew at the slowest pace in two years.
Aluminum Corp of China, the nation’s biggest producer of the metal, slumped 11 per cent in Hong Kong, while Rio Tinto closed down 5.3 per cent in Sydney as commodity prices slumped. Clothing retailer Esprit Holdings fell 6.4 per cent in Hong Kong.
Mitsubishi Financial, Japan’s biggest lender, lost 1.8 per cent in Tokyo after two US banks said quarterly revenue dropped.
The MSCI Asia Pacific Index lost 2.4 per cent in Tokyo, on course for the biggest drop since October 3rd. Japan’s Nikkei 225 fell 1.6 per cent, Australia’s SP/ASX 200 lost 2.1 per cent, South Korea’s Kospi lost 1.4 per cent, while China’s Shanghai Composite slid 2.3 per cent. Hong Kong’s Hang Seng Index slumped 4.2 per cent.
The Asia-Pacific measure deepened declines yesterday after a report showed China’s economy grew 9.1 per cent in the third quarter from a year earlier, the slowest pace since 2009, as the central bank tightened monetary policy and export demand weakened. – (Bloomberg)
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