Stocks affected by Greek crisis and downgrades

Nikkei: 9,558.30 (-90.47 ) Hang Seng: 22,960.63 (-315.64) Shanghai Comp: 2,849.95 (-21.08)ASIAN STOCKS fell yesterday, set for the biggest three-day drop since the aftermath of Japan's earthquake, on concern over Greece's debt crisis and after Goldman Sachs downgraded Japanese and Korean shares.

The MSCI Asia Pacific Index declined 1.4 per cent to 134.23, the lowest close since March 29th.

BHP Billiton, Australia’s biggest oil producer, fell 1.8 per cent in Sydney. Miner Rio Tinto, sank 1.4 per cent. Newcrest Mining, Australia’s biggest gold producer, dropped 1.6 per cent.

In Tokyo, Toyota slid 1.8 per cent and Canon lost 0.9 per cent. Mitsubishi Corp, which gets about 40 per cent of sales from commodities, fell 2.3 per cent and Mitsubishi UFJ slid 1.6 per cent.

Shinsei Bank slumped 5.2 per cent after Standard and Poor’s Ratings Services said it lowered Tokyo Electric’s long-term corporate credit and debt ratings. Tokyo Electric plunged 7.3 per cent as it also reported that fuel in the Fukushima Daiichi No 1 reactor melted early after the March 11th tsunami.

In Hong Kong, Henderson Land Development fell 1.9 per cent and Cheung Kong (Holdings) lost 1.7 per cent. Sino Land fell 1.5 per cent to HK$13.42. – (Bloomberg)