Stocks fall as higher oil costs weigh on exporters

Nikkei:9,449.47 (–158.85) Hang Seng:22,825.40 (–32.50) Shanghai Comp:2,949.07 (+29.93)

ASIAN SHARES were lower for the first time in four days yesterday, as Japanese stocks fell back after more earthquakes hit Fukushima and as higher oil prices weighed on exporters.

The FTSE Asia Pacific index was down 0.5 per cent as a series of smaller-scale earthquakes struck Japan’s Fukushima prefecture amid continued efforts to restore damaged nuclear power plants in the area.

Toyota Motor slid 1.2 per cent ¥3,305 as it suspended more production and warned of launch delays in Japan. Fujitsu sank 6.6 per cent to ¥468.

Sony has shut five more plants and its shares dropped 0.2 per cent to ¥2,596.

In Sydney, energy stocks were higher after recent losses with Woodside Petroleum up 0.7 per cent to A$44.98 and Santos up 2.1 per cent to A$15.21.

Virgin Blue, Australia’s second-largest airline, dropped 6.1 per cent to A$0.31 after the company forecast an annual loss.

Oil producers gained ground on higher oil prices with PetroChina up 1.7 per cent to HK$11.10 and CNOOC up 0.2 per cent at HK$18.48. – (Copyright The Financial Times Limited 2011)