WORLD> Asia-Pacific
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WORLD> Asia-Pacific
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Asian stocks sink on fears over oil, US
(Agencies)
Updated: 2008-06-27 19:50 Meanwhile, Tokyo's benchmark Nikkei 225 index shed 2 percent to 13,544.36. Honda Motor Co. lost 2.7 percent and Sony Corp. dropped 4.3 percent. Indian stocks sank as investors worried about inflation that has risen to 13-year highs and that recent interest rate hikes would temper consumer spending. "Sentiment is bearish. There are fears that crude will touch $180, this is a worry that cannot be stamped out easily," said Gul Tekchandani, a Mumbai-based investment adviser. "Few can stomach this volatility, plus there are weak global cues with the US economy also down." Among the big losers were Tata Motors Ltd. and Mahindra & Mahindra Ltd., which both fell more than 7 percent. Leading banks also dropped sharply. Hong Kong's Hang Seng Index trimmed earlier losses to close down 1.8 percent at 22,042.35. Refiner China Petroleum & Chemical Corp, or Sinopec, lost 3.6 percent, and airline Cathay Pacific was down 1.7 percent. Mobile phone maker Foxconn International Holdings, Motorola's primary contract manufacturer, tanked almost 8.5 percent amid concerns over consumer demand. Elsewhere, the main Philippine Stock Exchange Index ended 2.2 percent lower, it's lowest finish in 21 months. Bucking the region's trend, Thailand's most-watched index eked out a 0.2 percent gain after the prime minister survived a no-confidence vote, helping defuse political tension in the country. In currency trading, the dollar dipped to 106.86 in late mid-afternoon in Tokyo, little moved from 106.91 yen in New York late Thursday. The euro stood at $1.5772 in mid-afternoon in Tokyo, compared with $1.5751 in New York. |
