Sony Corp. (6758), which generates 20 percent of its sales in the U.S., fell 1.4 percent in Tokyo. Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, declined 1.5 percent in Seoul. BHP Billiton Ltd. (BHP), the world’s biggest mining company, lost 0.7 percent in Sydney after metal prices fell. Nexon Co., an online game creator that’s more profitable than Zynga Inc., fell on its first day of Tokyo trading.
The MSCI Asia Pacific Index fell 0.7 percent to 113.54 as of 10:37 a.m. in Tokyo, with almost two shares falling for each that rose. The gauge, which has tumbled 16 percent since June 30, extended losses this week after Moody’s Investors Service and Fitch Ratings warned that Europe faces lower credit ratings as it struggles to contain its debt crisis.
“There’s a potential for further downside in this market,” said Lee King Fuei, a Singapore-based fund manager at Schroders Plc, which oversees about $326 billion of assets globally. “The magnitude of this crisis compared to the one in 2008 is bigger as it includes sovereign risks as well. Policy makers have probably exhausted their fiscal and monetary policy options and they are running out of bullets.”
Japan’s Nikkei 225 Stock Average (NKY) lost 0.4 percent, while South Korea’s Kospi Index slipped 0.4 percent. Australia’s S&P/ASX 200 index fell 0.2 percent. Hong Kong’s Hang Seng Index slipped 0.8 percent, falling for fifth day. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment