Nikkei:8,374.13 (–186.13) Hang Seng:17,407.80 (–261.03) Shanghai Comp:2,393.18 (–39.98)
ASIAN STOCKS fell yesterday, amid mounting concern Europe will not resolve its debt crisis and as companies from Nippon Electric Glass to China Yurun Food predicted lower earnings.
Hanjin Shipping, South Korea’s largest shipping line, fell 15 per cent after saying it will sell new shares.
“Markets have moved well beyond Greece by now and are really focusing on the outlook for growth and the possible contagion into the banking sector,” Mark Konyn, the Hong Kong-based chief executive officer of RCM Asia Pacific, said.
Nippon Electric Glass dropped 12 per cent to ¥656. The company cut its net income forecast for the half-year ending September 30th to ¥24 billion.
China Yurun Food plunged 31 per cent to HK$7.51. Profit at the meat processor will drop because of “continual publication of negative media reports” and an increase in raw material costs.
Hanjin Shipping fell 15 per cent to 11,650 won, the lowest intraday price since it began trading in December 2009.
Newcrest Mining, Australia’s biggest gold producer, dropped 8.5 per cent. – (Bloomberg)
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