Nikkei: 9,422.88 (-54.29) Hang Seng: 22,747.28 (+16.50) Shanghai Comp: 2,741.74 (-25.31):ASIAN STOCKS slipped as Swiss commodities trader Glencore International got off to a lacklustre debut in Hong Kong but strength for carmakers in Japan and South Korea provided some relief for investors.
The FTSE Asia-Pacific index dropped 0.6 per cent to a two-month low of 253.28 amid nagging concerns about Europe’s debt problems and the US economic slowdown.
Glencore, the world’s biggest listed commodities trader, fell on its first day of trading from the public offering price of HK$66.53, down 2.5 per cent to HK$64.90.
Industrial Commercial Bank of China declined 0.6 per cent to HK$6.19 while Bank of Communications lost 0.9 per cent to HK$7.81.
Chinalco slid 2 per cent to HK$6.53 after Citigroup reiterated its “sell” rating, citing declining demand for aluminium.
Carmakers provided support to the Tokyo market, however, after a report that Toyota will raise domestic output to about 90 per cent of pre-earthquake levels next month. The world’s largest carmaker jumped 2.2 per cent to Y3,315. – (Copyright The Financial Times Limited 2011)
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