Vietnam Daily News

Asia markets slide; China data on tap

Written by Dailynews.vn Thursday, 15 December 2011 18:16

Asia markets declined on Thursday, with manufacturers and commodity-linked firms weak, ahead of closely watched Chinese manufacturing data due for release later in the day. Hong Kong's Hang Seng Index HK:HSI -2.14 percent fell 1.8 percent, and the Shanghai Composite CN:000001 -1.92 percent dropped 0.9 percent in early moves. Japan's Nikkei Stock Average JP:NIK -1.34 percent lost 1.3 percent, while South Korea's Kospi KR:0100 -1.85 percent and Australia's S&P/ASX 200 index AU:XJO -1.64 percent each lost 1.6 percent The falls in Asia followed a third straight session of losses for US stocks, as fears about Europe's debt crisis persisted, and the euro euro USD +0.06 percent sunk to an 11-month low. Gold and crude oil also sold off sharply. Read more about the US session. "Concerns about the outlook for euro zone are leading portfolios away from risk. Equities and commodities... underperformed a still-sinking euro," strategists at Barclays Capital said. Europe-exposed exporters lost ground, with Hong Kong listed Li & Fung Ltd HK:494 -2.27 percent and Esprit Holdings Ltd HK:330 -2.24 percent ESPGY +2.32 percent each down 1.9 percent. In Tokyo trading Pioneer Corp. JP:6773 -3.38 percent PNCOF +16.44 percent sunk 2.8 percent, and Casio Computer Co. JP:6952 -2.26 percent CSIOF +3.47 percent was off by 2.1 percent. Other Japanese manufacturers also weakened, with Hitachi Construction Machinery Co. JP:6305 -2.73 percent HTCMY +4.27 percent trading down 3.3 percent, and Komatsu Ltd JP:6301 -3.05 percent KMTUY -2.73 percent losing 3.1 percent. The Bank of Japan's key "tankan" quarterly survey of business sentiment showed a sharper-than-expected deterioration in conditions for larger manufacturers. Read more on Japan's quarterly tankan survey. The data came ahead of HSBC's preliminary Chinese manufacturing Purchasing managers' Index, due for release later Thursday - a metric closely watched for clues about the health of the world's fastest growing economy. In Seoul, Hyundai Motor Co. HYMLY 0.00 percent dropped 2.4 percent, and Samsung Electronics Co. SSNGY 0.00 percent down 1.5 percent. Shares in Olympus Corp. JP:7733 -17.05 percent OCPNY -8.00 percent plunged 16.1 percent. Olympus avoided the immediate threat of a delisting of its stock by posting its most recent financial statement before a Thursday deadline, along with revised results for previous periods after revelations of accounting fraud. But a $1.6 billion write-down in the value of its net assets raised concerns of a need to raise funds. Resources fall Commodity-linked stocks were among the worst performers across the region. Shares in BHP Billiton Ltd AU:BHP -2.33 percent BHP -0.36 percent fell 1.6 percent, Rio Tinto Ltd AU:RIO -2.99 percent RIO +0.24 percent lost 2.5 percent, and iron-ore producer Fortescue Metals Group Ltd AU:FMG -3.63 percent FSUMY -0.70 percent traded down 2.6 percent in Sydney trading. In Hong Kong, energy majors Cnooc Ltd HK:883 -4.97 percent CEO -3.66 percent and PetroChina Co. HK:857 -3.43 percent PTR +0.40 percent lost 4.8 percent and 3.1 percent, respectively. Gold miners also suffered, as gold futures GC1Z -0.79 percent extended sharp losses to trade below $1,5780 an ounce in the electronic session. Hong Kong-listed Zhaojin Mining Industry Co. HK:1818 -5.30 percent ZHAOF -5.26 percent shed 5.3 percent, while in Sydney, Newcrest Mining Ltd AU:NCM -3.71 percent NCMGY -2.68 percent lost 2 percent and Perseus Mining Ltd AU:PRU -7.06 percent PMNXF -8.68 percent sunk 5.2 percent. Read more on gold's 4.6 percent plunge in the US trading. Trading debuts for Chow Tai Fook Jewellery Group Ltd HK:1929 0.00 percent and New China Life Insurance Co. HK:1336 0.00 percent did poorly, with each losing more than 5 percent from their offer prices in early moves. -By Virginia Harrison

Source: www.intellasia.net/news/articles/stock_market/111350928.shtml