Hang Seng: 21,804.75 (-70.63) Nikkei: 9,974.47 (+38.35) Shanghai Comp: 2,816.69 (-3.48): ASIAN STOCKS fell for the first week in four yesterday as credit rating agencies put the US on review for a possible downgrade and amid escalating concern the European debt crisis will threaten bank earnings.
In Sydney, Commonwealth Bank declined 5.3 per cent to A$49.02 and National Australia Bank fell 6.9 per cent to A$23.40.
In Tokyo, Mitsubishi UFJ Financial dropped 5.3 per cent to ¥393, Toyota dipped 3.3 per cent to ¥3,330 and Honda slipped 1.5 per cent to ¥3,210. In Hong Kong, HSBC Holdings slid 3.4 per cent to HK$75.60 and Li and Fung dropped 7 per cent to HK$13.78.
In Mumbai, Infosys dropped 0.3 per cent to 2,731.35 rupees in Mumbai. The company projected sales in the year to March from $7.1 billion to $7.3 billion, Bangalore-based Infosys said last week, missing the $7.5 billion average of analyst estimates.
In Taipei, HTC slid 6.5 per cent to NT$907, after being accused of infringing on Apple patents, which HTC continues to “vehemently deny”. In China, Agricultural Bank of China climbed 0.4 per cent to 2.7 yuan and Zijin Mining rose 8.9 per cent to 5.75 yuan. – (Bloomberg)
