Sun, May 26, 2013 - Page 15 News List

Asian stocks record worst week since July last year

‘TOO MUCH, TOO FAST’:Shares in Japan plummeted in what analysts said was an ‘overdue’ correction to the meteoric gains Japanese equities posted since last year

Bloomberg

Japanese equities had risen “too much, too fast,” especially financial stocks, former Japanese Ministry of Finance official Eisuke Sakakibara said in a Bloomberg interview on May 15. Shares needed “some kind of correction” before resuming their climb, he added.

All 44 members of the TOPIX Real Estate Index, the worst performing of the benchmark measure’s 33 industries, declined. Gauges of consumer lenders, brokers and banks dropped more than 9 percent.

Elsewhere in the region, Australia’s S&P/ASX 200 Index dropped 3.8 percent for the week as banks plunged the most in a year.

Commonwealth Bank of Australia, the country’s biggest bank, hit a record high on Monday before a four-day retreat left it 6.1 percent lower for the week at A$68.77.

Shares in Hong Kong fell after US Federal Reserve Chairman Ben Bernanke said the bank may consider winding back stimulus and after a preliminary survey from HSBC Holdings PLC and Markit Economics showed manufacturing in China is contracting.

The Hang Seng Index fell 2 percent, the most since the week ended on April 5. China Resources Power Holdings Co (華潤電力控股) fell the most, losing 11 percent to HK$20.20 after the Economic Information Daily reported onMay 16 that China may ban some imports of thermal coal.

In other markets on Friday:

Wellington fell 1.36 percent, or 62.35 points, from Thursday to 4,526.24.

Manila closed down 0.62 percent, or 45.47 points, at 7,268.91.

Mumbai rose 0.15 percent, or 30.0 points, to 19,704.33 points.

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