Asian equities down as Nintendo's profits plunge

Nikkei:9,558.69 (–113.27) Hang Seng:24,007.38 (–130.93) Shanghai Comp:2,939.18 (–25.77)

ASIAN STOCKS were lower for a second session yesterday, as Japanese games makers slumped after Nintendo reported its second year of falling profits.

Nintendo dropped 1.6 per cent to ¥20,010 after saying that operating profit fell 52 per cent in the year ended March 31st.

Japanese automakers were under pressure after Standard Poor’s cut its outlook as it grapples with supply chain disruptions in the aftermath of the March earthquake and tsunami.

Toyota was down 1.6 per cent at ¥3,195 while Honda fell 1.6 per cent to ¥3,055.

Foreign selling of technology shares pushed South Korea’s Kospi Composite down 0.3 per cent. LG Electronics dropped 1.9 per cent to Won104,500.

Jiangxi Copper, China’s biggest producer of the metal, lost 2.7 per cent to Rmb36.89. China Life Insurance fell 2.2 per cent to HK$29 after reporting a 22 per cent drop in first-quarter profit.

Cnooc, China’s biggest offshore oil producer, fell 0.9 per cent to HK$19.70 while PetroChina, the nation’s largest oil company, eased 0.5 per cent to Rmb11.72. – (Copyright The Financial Times Limited 2011)