Business | Markets
Most Asian stock markets fall on profit concern
Most Asian stock markets fell, led by material producers and finance companies, on increasing signs of deepening global recession.
- Bloomberg
- Published: 10:48 December 22, 2008
Hong Kong: Most Asian stock markets fell, led by material producers and finance companies, on increasing signs of deepening global recession.
Rio Tinto Group, the world's third-largest mining company, dropped 4.1 per cent as UBS AG cut its earnings target and as it halted production at an iron plant.
HSBC Holdings Plc, Europe's largest bank, declined 2.7 per cent in Hong Kong after Standard & Poor's gave the company a "negative" outlook.
Toyota Motor Corp. lost 1.9 per cent in Tokyo after the Sankei newspaper said the company may slash its dividend as auto demand slows.
The MSCI Asia Pacific Index fell 0.4 per cent to 89.21 as of 2:19pm in Tokyo, as five stocks declined for every four that advanced.
The gauge has lost 43 per cent this year, the worst annual performance in its two-decade history, as the credit crisis dragged the world's biggest economies into recessions.
Japan's Nikkei 225 Stock Average gained 1.1 per cent to 8,683.18, led by lenders as interbank borrowing rates dropped.
A report showed on Monday that the nation's exports plunged the most on record last month as demand for cars and electronics collapsed.
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