Asian shares fell last week, dragging the benchmark MSCI Asia Pacific Index to its biggest weekly drop since March, on concern the pace of economic growth will prompt central banks from China to India to curb price increases.
Aluminum Corp of China Ltd, the country’s largest producer of the metal, sank 9.1 percent in Hong Kong. Rio Tinto Group, the world’s third-largest mining company, slid 7.2 percent in Sydney as metal prices fell. Nomura Holdings Inc, Japan’s biggest investment bank, lost 8.8 percent in Tokyo after Credit Suisse Group AG cut its rating. Nissan Motor Co, which gets about 35 percent of its sales from North America, retreated 6.4 percent as US consumer confidence trailed estimates.
The MSCI Asia Pacific Index fell 3.5 percent to 122.39 for the first weekly drop in five. The gauge has jumped 48 percent in the past 12 months as growth in China helped the global economy emerge from the worst slowdown since World War II.
Japan’s Nikkei 225 Stock Average declined 3.6 percent this week, the steepest drop since the period ended on Nov. 27. Hong Kong’s Hang Seng Index lost 4.3 percent. Australia’s S&P/ASX 200 Index fell 3 percent amid concern the nation may raise taxes on mining projects.
Asian equities also fell in the week as US President Barack Obama proposed measures to reduce risk-taking at banks, raising concerns the plans would curb lenders’ profits and hurt the country’s economic recovery.
The Shanghai Composite Index dropped 3 percent as government reports on Thursday showed the country’s fourth-quarter GDP grew 10.7 percent, more than economists estimated, while inflation accelerated to a more-than-forecast 1.9 percent last month.
TAIPEI
Taipei was also dragged down by news from Wall Street, closing down 2.47 percent, or 200.56 points, to 7,927.31.
Other regional markets:
KUALA LUMPUR: The Composite Index lost 7.91 points, or 0.60 percent to close at 1,300.45.
JAKARTA: Indonesian shares fell1.06 percent, or 28.04 points, to 2,610.34.
WELLINGTON: New Zealand shares fell 1.08 percent, or 34.86 points, to 3,190.43.
MANILLA: Philippine shares fell 2.01 percent, or 62.11 points, to 3,023.47.
MUMBAI: Indian shares fell 1.12 percent with the 30-share benchmark SENSEX down 191.46 points at 16,859.68.
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