Nikkei: 9,844.59 (–120.42) Hang Seng: 22,421.46 (–241.91) Shanghai Comp: 2,679.26 (–24.52):ASIAN STOCK markets suffered sharp falls yesterday, as concerns over the global growth outlook were fuelled by fresh signs of weakness in the US economy.
Japanese exporters came under additional pressure from the strength of the yen as the currency continued to attract haven flows from nervous investors.
Toyota said the stronger yen had cut its fiscal first-quarter operating profit by ¥50 billion.
Toyota shares fell 0.3 per cent to ¥3,160 before the company raised its full-year net profit forecast by 40 per cent while Honda shed 0.5 per cent to ¥3,110 after unveiling a steep decline in quarterly net profit.
Tokyo Electron slid 6.2 per cent to ¥3,940 after the maker of chip manufacturing equipment cut its annual forecasts.
In Seoul, Samsung Electronics, the world’s largest technology firm by sales, fell 2.1 per cent to Won852,000 and Hyundai fell 4.9 per cent to Won224,000.
In Australia, mining group Rio Tinto lost 1.8 per cent to A$80.05.
Jiangxi Copper, China’s biggest producer of the metal, slid 2.3 per cent to Rmb33.75. – (Copyright The Financial Times Limited 2011)
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