Global growth concerns weigh on Asian markets

Nikkei:8,963.72 (–18.22) Hang Seng:19,620.01 (+24.87) Shanghai Comp:2,593.178 (+11.66)

ASIAN STOCKS fell yesterday, amid concern slowing global growth will hurt corporate earnings.

“Sentiment is still quite fragile, and we’re continuing to see heightened volatility in markets,” said Im Jeong Jae, a Seoul-based fund manager at Shinhan BNP Paribas Asset Management.

Technology shares were the biggest drags on MSCI’s Asian index.

Hynix, the world’s second-largest computer-memory chipmaker, slid 9.6 per cent to 19,750 won.

Powerchip Technology fell 1.7 per cent to NT$2.98 in Taipei, while Nanya Technology slumped 5.1 per cent to NT$4.50.

Hanjin Shipping, South Korea’s largest shipping line, sank 6.6 per cent to 16,250 won after reporting a second-quarter loss.

BlueScope Steel plunged 7.7 per cent to a record low of 90.5 Australian cents after saying it will write down the value of its assets by about A$900 million.

Japanese stock gauges reversed earlier gains.

Sumitomo Rubber declined 5.3 per cent to ¥893, while Sumitomo Realty sank 3.6 per cent to ¥1,560. – (Bloomberg)