Nikkei: 9,859.20 (–145.00) Hang Seng: 23,159.14 (–102.47) Shanghai Comp: 2,864.15 (–8.25): ASIAN MARKETS sold off this week as the battle against inflation in some of the region's economies gave rise to concerns over the future path of corporate earnings and the possibility of falling demand.
Demand concerns played out widely across the commodities markets as oil and metals prices tumbled.
Inpex, an oil and gas group, fell 8.6 per cent to ¥563,000 signalling that high petrol prices were lowering global growth.
Meanwhile, the surge in the yen drove a sell-off in export stocks such as car makers. Honda had a weekly fall of 3.6 per cent to ¥3,075.
Indian stocks climbed strongly yesterday. However, banks were hit hard, leaving Bank of India with weekly losses of 5.8 per cent to Rs2,642.95, while Canara Bank shed 8.2 per cent to Rs579.70.
Mobile phone groups fell after Bharti Airtel missed earnings expectations on Thursday. Bharti shares fell 7.4 per cent to Rs350.75, Reliance Communications dropped 10 per cent to Rs89.80, while Tata Teleservices Maharashtra lost 8.5 per cent to Rs16.75. – (Copyright The Financial Times Limited 2011)
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