Nikkei: 10,434.38 (–155.12) Hang Seng: 23,614.89 (–195.22) Shanghai Comp: 2,957.14 (–45.01)ASIAN STOCKS had their biggest losses in more than two weeks yesterday, as growth bulls were forced on to the back foot by surprisingly weak trade data from Beijing and rising Libyan turmoil.
Chinese car markers were particularly hit after vehicles sales in the country grew at the slowest pace in more than two years.
Car makers leading the retreat included Donfeng Motor, the Chinese partner of Nissan, which fell 2.8 per cent to HK$13.80 while Guangzhou Automobile, linked to Toyota and Honda, sank 3.7 per cent to HK$9.63. FAW Car, Volkwagen’s partner, lost 2.2 per cent to Rmb17.90.
Profit-taking hit financials with HSBC down 1.4 per cent to HK$83.70 while the cloudier growth outlook weighed on metal producers, Jiangxi Copper slumping 4 per cent to Rmb40.33.
Fanuc, an industrial robot manufacturer that earns about 80 per cent of its revenue overseas, sank 2.7 per cent to ¥12,530.
Elpida Memory, the world’s third-largest maker of computer memory chips, tumbled 8 per cent to ¥1,107 after US peer Texas Instruments trimmed its forecasts. – (Copyright The Financial Times Limited 2011)
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