Exporters lead retreat in regional markets

Nikkei:8,382.98 (–73.14) Hang Seng:16,250.27 (–571.88) Values at yesterday's close

ASIAN STOCKS dropped yesterday, led by exporters, as a downgrade of Italy’s credit rating overshadowed signs that Europe may reach consensus on measures to protect its banks from the sovereign-debt crisis.

Markets from Tokyo to Taiwan dropped after Italy’s credit rating was cut by Moody’s Investors Service after US markets closed.

Toyota fell 2 per cent to ¥2,517 in Tokyo.

Sony, Japan’s top exporter of consumer electronics that depends on Europe for 22 per cent of its sales, slid 1.8 per cent to ¥1,404.

Brambles, a supplier of warehousing pallets, sank 0.5 per cent to A$6.17 in Sydney.

Tokyo Electric Power, the utility known as Tepco, plunged 12 per cent to ¥203.

Kansai Electric Power fell 4.2 per cent to ¥1,239.

GS Engineering and Construction slumped 15 per cent to 74,100 won in Seoul.

BHP Billiton gained 3.8 per cent to A$35.13 in Sydney.

Samsung Electronics, a maker of mobile phones, added 1.7 per cent to 842,000 won in Seoul after Apple unveiled an upgrade to the iPhone 4. – (Bloomberg)