Monday, November 2, 2009

Asia Market Report(Monday, November 2, 2009)

Asia: Nikkei follows Wall Street rout
The Nikkei fell 2.3% on Monday, tracking a broad sell-off in the US on Friday, and as the stronger yen hurt exporters.

Sony was down nearly 6% despite trimming forecasts of a loss as the yen rallied to a three-week high against the dollar. Canon declined 3.1% to 3,420 yen in Tokyo.

Financials were mostly friendless after Friday's sell-off in the US as concern about the financial sector re-emerged. Shares in Mitsubishi Tokyo fell 1.2%.

Other stocks on the move included finance firm Aiful, which rallied 14% on news that the Japanese government may reduce regulations that make it difficult for small companies to get loans.

Elsewhere a fall in crude oil prices sent shares in Mitsubishi Corp down 3.6%. Nippon Mining fell 6% to 390 yen.

The Nikkei 225 index closed down 231 points at 9,803 in Tokyo.

The Hang Seng fell 0.61% on Monday with a broad commodities sell-off doing the most damage. CNOOC fell 3.3%, PetroChina declined 1.87% while Jiangxi Copper lost nearly 2% as prices fell.

Heavyweight HSBC dropped 1.6% in Hong Kong while Bank of Communications dropped just over 1%. ICBC rose 0.16%.

The Hang Seng index closed down 132 points at 21,620 in Hong Kong.


IndicesIndex Value % Change
Nikkei 225 9,802.95 -2.31%
Hang Seng 21,620.19 -0.61%
Straits Times 2,645.43 -0.22%

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