Nikkei: 8,640.42 (–195.10) Hang Seng: 19,733.71 (+363.75) Shanghai Comp: 2,504.11 (+34.09):ASIAN STOCKS fell for a third day yesterday, as Greece's plan for a referendum on Europe's bailout stoked concern the sovereign-debt crisis will not be contained.
Hong Kong stocks rallied on speculation that China may act to stimulate its economy.
“A loosening of monetary policy in China could support the stock market,” said Hong Kong-based Michiya Tomita, who oversees about $65 billion for Mitsubishi UFJ Asset Management.
China Construction Bank, the nation’s top lender by market value, rose 3 per cent to HK$5.83.
China Overseas Land and Investment, a mainland developer listed in Hong Kong, surged 6.1 per cent to HK$14.52.
Macquarie, an Australian bank that gets 16 per cent of revenue from Europe, dropped 2.8 per cent to A$23.62 on speculation that a default by Greece will threaten bank earnings.
Mitsubishi UFJ Financial, Japan’s largest publicly traded bank, fell 2.3 per cent to ¥334.
Samsung Electronics, South Korea’s exporter of consumer electronics, slid 1.9 per cent to 971,000 won in Seoul.
Toyota fell 3.5 per cent to ¥2,505. – (Bloomberg)
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