Nikkei: 8,747.96 (–75.29) Hang Seng: 18,501.79 (–256.02) Shanghai Comp: 2,431.37 (–7.42): ASIAN STOCKS fell yesterday, after credit-rating downgrades of Spain and European banks fuelled concern the region's debt crisis will slow global growth.
Chinese companies tumbled as a report showed continued high inflation.
“Investors are hoping Europe will find a solution to the sovereign-debt crisis, but if that doesn’t happen the market could come back down again, said Lee King Fuei, a Singapore-based fund manager at Schroders.
Sino-Ocean Land Holdings, a developer of properties in China’s north, slumped 10 per cent to HK$2.99.
Industrial and Commercial Bank of China, the nation’s biggest lender by market value, sank 4.3 per cent to HK$4.25.
Esprit dropped 1.5 per cent to HK$11.60 in Hong Kong.
Billabong International, a global surfwear maker, declined 2.1 per cent to A$3.70 in Sydney.
Car maker Honda lost 2.4 per cent to ¥2,248 in Tokyo, while Canon, a camera maker that depends on Europe for about a third of its sales, slipped 2.6 per cent to ¥3,445.
Olympus plunged 18 per cent to ¥2,045. – (Bloomberg)
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