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Asian stocks fall as global recession deepens
Asian stocks fell for a third day as Toyota Motor Corp. forecast a loss and China cut interest rates by less than some economists expected.
- Bloomberg
- Published: 09:50 December 23, 2008
Seoul: Asian stocks fell for a third day as Toyota Motor Corp. forecast a loss and China cut interest rates by less than some economists expected.
Hyundai Motor Co. led carmakers lower, falling 8.7 per cent after announcing production cuts and Toyota predicted its first operating loss in 71 years.
Bendigo & Adelaide Bank Ltd. slid 7.5 per cent after selling shares to boost capital. BHP Billiton Ltd. paced declines among commodity companies.
"Investors are cashing in," said Lim Chang Gue of Samsung Investment Trust Management Co. in Seoul. "We're continuing to witness negative news flow, all of which is confirming that global economic activity is tapering off quickly."
The MSCI Asia Pacific excluding Japan Index dropped 2.5 per cent in Hong Kong on Tuesday. Japan's markets are closed for a public holiday.
China's CSI 300 Index declined 3.3 per cent, while South Korea's Kospi Index fell 2.7 per cent. All other markets fell except the Philippines.
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