Sun, Jun 16, 2013 - Page 15 News List

Asian stocks drop again on stimulus fears

Agencies, with staff writer

The three countries had led the four-year rally in global stocks through last month, and are now among the biggest losers.

Hong Kong’s Hang Seng Index fell 2.8 percent this week, a fifth week of declines, making it the worst performer among the world’s developed equity markets, according to data compiled by Bloomberg.

The Hang Seng China Enterprises gauge fell 5.1 percent, taking the decline to 21 percent, and pushing the so-called “H-shares” into a bear market.

China’s Shanghai Composite Index retreated 2.2 percent, dragging valuations for the benchmark index to a six-month low.

Australia’s S&P/ASX 200 Index added 1.1 percent, while New Zealand’s NZX 50 Index lost 0.4 percent. South Korea’s KOSPI slipped 3.9 percent and Singapore’s Straits Times Index lost 0.7 percent.

Shares of Industrial and Commercial Bank of China Ltd (ICBC, 中國工商銀行) dropped 3.2 percent to HK$5.07 as data pointed to slowing economic growth in China and the World Bank cut its outlook for global expansion. Aluminum Corp of China (Chinalco, 中國鋁業), the nation’s No. 1 producer of the light metal, tumbled 10 percent to HK$2.60.

In other markets on Friday:

Manila closed 2.10 percent, or 128.18 points, higher from Thursday at 6,242.26.

Wellington rose 0.43 percent, or 19.08 points, from Thursday to 4,420.98.

Mumbai rose 1.84 percent, or 345.50 points, from Thursday to 19,172.66 points.

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