ASIA REPORT: Nikkei:10,437.31 (–119.79) Hang Seng:24,003.70 (–415.92) Shanghai Comp:2,678.45 (–79.64)
ASIAN STOCKS tumbled to their worst losses in more than two months yesterday as the roller coaster ride of investor sentiment towards Beijing tightening moves took a fresh dive into worry.
The China benchmark slumped 2.9 per cent to 2,677.65.Jiangxi Copper, China’s biggest producer, dropped 5.9 per cent to Rmb36.96 as metal producers fell on concerns that policy tightening will curb demand for raw materials.
Zhuzhou Smelter, the nation’s biggest producer of refined zinc, slumped 8 per cent to Rmb15.05.
Air carriers were also buffeted as China Southern Airlines, the nation’s largest, fell 7.5 per cent to Rmb8.41.
The Hang Seng index lost 1.7 per cent to 24,003.70 as banks fell on prospects of more loan restrictions. China Construction Bank, the country’s second-biggest lender, sank 2.4 per cent to HK$7.05.
Tokyo stocks on the Nikkei 225 Average slipped 1.1 per cent to 10,437.31 with electronics exporters hit by weaker US economic data. Canon dropped 2.3 per cent to ¥4,100. Mumbai stocks rose as investors judged its inflation concerns had been priced in during the recent correction. – (Copyright The Financial Times Limited 2011)
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