Nikkei:8,737.66 (–55.46) Hang Seng:19,866.63 (–46.19) Shanghai Comp:2,497.75 (–1.19)
ASIAN STOCKS fell yesterday, after Japanese machinery orders declined and as China reported inflation remained above 6 per cent.
“The inflation controls have curbed industrial growth,” in China, Richard Chen, a strategist at Jianghai Securities, said. “This will hurt the outlook for companies’ earnings as tightening measures won’t ease in the near term.”
In Japan, Fanuc led machinery stocks lower, dropping 7.6 per cent to ¥10,730. The Japan Machine Tool Builders’ Association said machinery tool orders fell 12.7 per cent in August.
Komatsu slid 4.5 per cent to ¥1,797. Toshiba Machine sank 7.9 per cent to ¥328.
Industrial and Commercial Bank slumped 0.8 per cent to HK$4.95 in Hong Kong.
Belle International, a Chinese retailer of women’s shoes, dropped 1.9 per cent to HK$14.60.
Aluminum Corporation of China, the nation’s biggest producer of the metal by market value, lost 1.7 per cent to HK$4.65.
In Hong Kong, China Yurun increased 1.6 per cent to HK$14.16, after plunging 16 per cent yesterday. – (Bloomberg)
