Region slumps on global economy recovery fears

Nikkei:9,351.40 (–59.88) Hang Seng:21,695.26 (–257.85) Shanghai Comp:2,643.65 (–20.65)

ASIAN STOCKS fell yesterday amid concern that Greece may default on its sovereign debt and potentially derail a global economic recovery.

With the Greece situation “the biggest fear is the unknown”, said Tim Schroeders, who helps manage global equities at Pengana Capital in Melbourne.

Esprit, a global fashion retailer that gets most of its revenue from Europe, slid 4.1 per cent in Hong Kong.

Woodside Petroleum, Australia’s second-biggest oil and gas producer, sank 3.8 per cent.

Samsung Electronics slumped 3.4 per cent in Seoul after Research In Motion, which makes BlackBerry phones, said quarterly revenue may drop.

Hanjin Shipping, South Korea’s largest shipping company, fell 5 per cent to 21,650 won.

Hynix Semiconductor dropped 6.1 per cent to 24,650 won after Korea Investment and Securities cut its share price estimate, saying the company’s second-quarter earnings would fall short of expectations.

James Hardie Industries, the largest seller of home siding in the US, gained 1.1 per cent to A$5.41. – (Bloomberg)