Nikkei:10,857.53 (+14.73) Hang Seng:23,485.42 (–109.82) Shanghai Comp:2,932.76 (+32.96)
ASIAN STOCKS fell yesterday as investors reacted to further monetary tightening measures from China and concerns over rising oil prices as anti-government protests spread through the Middle East.
China further increased the reserve ratio requirement for the country’s large banks on Friday to help stem market speculation.
HSBC Holdings fell 1.3 per cent to HK$90.60 while Hang Seng Bank shed 1.1 per cent to HK$122.60.
Violent protests in the Middle East and North Africa sent oil prices to multi-month highs. Brent crude rose more than $2 a barrel to as much as $104.60 – prompted Beijing to lift retail gasoline and diesel prices. Sinopec, a refiner, climbed 1.4 per cent to Rmb9.27, while PetroChina gained 1.1 per cent to Rmb11.71.
BYD, the carmaker, fell 6.2 per cent to HK$31.20 after the company cut prices on five of its best selling models by up to a fifth.
Shares in Daewoo Shipbuilding rose 4.8 per cent to Won35,850. Samsung Heavy Industries jumped 6.4 per cent to Won37,500, while Hyundai Heavy Industries rose 1.8 per cent to Won449,500. – (Copyright The Financial Times Limited 2011)
