InfoAnda - Eurozone, China worries batter Asian stocks

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Eurozone, China worries batter Asian stocks AFP - Thursday, November 18 Send IM Story Print Eurozone, China worries batter Asian stocks HONG KONG (AFP) - – Asian markets took a battering Wednesday due to worries about Chinese anti-inflation measures and the eurozone's debt worries, but Tokyo bucked the trend, helped by a revived dollar. Tokyo's Nikkei index ended the day up 0.15 percent, or 14.56 points, at 9,811.66. But the overall movement was down: Sydney's S&P/ASX 200 fell 1.62 percent, or 76.0 points, to 4,624.3, Hong Kong's Hang Seng dropped 2.02 percent, or 478.56 points, to 23,214.46 and Shanghai's Composite index ended down 1.92 percent, or 55.68 points, at 2,838.86. The Composite Index has lost nearly 10 percent from its close on Thursday and Hong Kong is down six percent in the same period. Wednesday's declines followed a plunge on Wall Street on Tuesday, where the Dow Jones Industrial Average dropped 1.59 percent, the broader S&P 500 lost 1.62 percent and the tech-rich Nasdaq slid 1.75 percent. Comments by Chinese Premier Wen Jiabao heightened fears of a clamp-down on the Chinese economy to restrain prices after a 4.4 percent year-on-year jump in the consumer price index for October. "Great attention should be paid to market supply and demand and prices because they are related to the public's basic interests," Wen was quoted as saying in a statement late Tuesday. "The State Council is formulating measures to curb the overly fast rises of prices." One Hong Kong-based fund manager told Dow Jones Newswires: "The inflation genie is out of the bottle. This is definitely not something that Beijing will pussyfoot around on... That trumps other priorities as the spectre of rampant food inflation and the masses at the palace gates are their worst nightmare." Chinese losses were spread across financial, construction and resource stocks, with banking giant HSBC falling 2.02 percent in Hong Kong, partly reflecting exposure to Europe, and Hong Kong-listed energy giant PetroChina down 3.25 percent. The eurozone's debt crisis added to pressures as the European Union, International Monetary Fund and Britain prepare to unveil an emergency support plan for Ireland's devastated banking sector. However it was not all doom and gloom, analysts in Tokyo pointed out, as some Japanese firms have begun to look healthier and a stronger dollar versus the yen supports the country's exporters. In recent weeks financial groups MUFG and Mizuho Financial have moved to buy foreign assets, while Toyota said Wednesday it would invest nearly 700 million dollars to set up its first fully-fledged research and development base in China. Yutaka Yoshii of Mito Securities said the Tokyo market's appeal may rise as "investors are starting to focus on Japanese stocks since they have been outperforming other major markets from earlier this month after lagging for so long". However, resource-linked stocks fell in Tokyo, as elsewhere, reflecting worries about possible lower demand from China and the fact that a higher dollar makes commodities more expensive for holders of other currencies. The euro edged slightly away from its seven-week lows to 1.3494 dollars in Tokyo, compared with 1.3488 dollars in New York late Tuesday, while staying almost flat at 112.40 yen. The dollar firmed to 83.40 yen from 83.28 yen. Oil was lower in Asian trade due to investors' concerns that China might again tighten monetary policy and Europe's debt woes, analysts said. New York's main contract, light sweet crude for December delivery, fell 10 cents to 82.24 dollars a barrel. Brent North Sea crude for January was off five cents at 84.68 dollars. Gold closed at 1,332.00-1,333.00 US dollars an ounce in Hong Kong, down from Tuesday's close of 1,360.00-1,361.00 dollars. Markets were closed in Jakarta, Kuala Lumpur, Mumbai and Singapore for public holidays. 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