Sun, Sep 02, 2012 - Page 15 News List

Asian stocks continue slide as region slows

BITING DEEPLY:The MSCI Asia Pacific Index closed down 8.3 percent from this year’s high in February as regional exports continue to slide even deeper into the doldrums

Agencies, HONG KONG and TAIPEI

China’s Shanghai Composite Index fell 2.1 percent, while Hong Kong’s Hang Seng Index slid 2 percent after a government report showed on Monday profit at Chinese industrial companies dropped in July by the most this year.

South Korea’s KOSPI declined 0.8 percent after industrial production fell for a second month in July, and after a report showed on Thursday confidence among the country’s manufacturers stood near the lowest level since the global financial crisis.

Australia’s S&P/ASX 200 Index and Singapore’s Straits Times Index both fell 0.8 percent.

There was fresh evidence that global headwinds were dragging on the Japanese recovery, with data showing factory output unexpectedly fell 1.2 percent in July, while the strong yen also hurt exporters.

“It was originally assumed that the weakness in April-May would be temporary and followed by a rebound in summer, but such a scenario clearly fell through,” said Tatsushi Shikano, senior economist at Mitsubishi UFJ Morgan Stanley Securities.

In other markets on Friday:

Manila gained 0.91 percent, or 46.88 points, from Thursday to close at 5,196.19.

Wellington gained 1.02 percent, or 37.12 points, from Thursday to close at 3,666.68.

Mumbai lost 0.92 percent, or 160.89 points, from Thursday to close at 17,380.75.

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