Asian Stocks Market Overview 20 May 2011

Asian Stocks Market Overview 20 May 2011 : Asian shares ended mixed Thursday, with Japanese stocks falling on data showing the nation's economy contracted sharply in the January-March period. Japan's Nikkei Stock Average fell 0.4% to 9620.82, South Korea's Kospi skidded 1.9% to 2095.51, China's Shanghai Composite declined 0.5% to 2859.57, and Hong Kong's Hang Seng Index gained 0.7% to 23,163.38. Read The Shanghai Composite Index is trading is up may 20 2011...

Stock losses in Tokyo came after data showed the March 11 earthquake and tsunami resulted in gross domestic product contracting 0.9% in the January-March period from the preceding three months, or a 3.7% annualized decline. The fall marked the second consecutive quarter of contraction, taking Japan into what economists call a technical recession.

Shares of Mitsubishi UFJ Financial Group Inc. fell 2.1%,Advantest Corp. dropped 3.4% and JFE Holdings Inc. lost 1.6%. Japanese utilities declined after Prime Minister Naoto Kan Wednesday raised the possibility of splitting up electricity generation and distribution businesses. Tokyo Electric Power Co., which will release its fiscal year results Friday, tumbled 8%, Tohoku Electric Power Co. dropped 3.2% and Chubu Electric Power Co. gave up 5.1%. In Seoul, stocks dropped amid continued foreign selling, with Hyundai Motor Co. falling 2.1%, KB Financial Group Inc. losing 2.2% and Hynix Semiconductor Inc. dropping 3.8%. For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post: