Asian shares fell last week, dragging the benchmark MSCI Asia Pacific Index to its biggest weekly drop since March, on concern the pace of economic growth will prompt central banks from China to India to curb price increases.
Aluminum Corp of China Ltd, the country’s largest producer of the metal, sank 9.1 percent in Hong Kong. Rio Tinto Group, the world’s third-largest mining company, slid 7.2 percent in Sydney as metal prices fell. Nomura Holdings Inc, Japan’s biggest investment bank, lost 8.8 percent in Tokyo after Credit Suisse Group AG cut its rating. Nissan Motor Co, which gets about 35 percent of its sales from North America, retreated 6.4 percent as US consumer confidence trailed estimates.
The MSCI Asia Pacific Index fell 3.5 percent to 122.39 for the first weekly drop in five. The gauge has jumped 48 percent in the past 12 months as growth in China helped the global economy emerge from the worst slowdown since World War II.
Japan’s Nikkei 225 Stock Average declined 3.6 percent this week, the steepest drop since the period ended on Nov. 27. Hong Kong’s Hang Seng Index lost 4.3 percent. Australia’s S&P/ASX 200 Index fell 3 percent amid concern the nation may raise taxes on mining projects.
Asian equities also fell in the week as US President Barack Obama proposed measures to reduce risk-taking at banks, raising concerns the plans would curb lenders’ profits and hurt the country’s economic recovery.
The Shanghai Composite Index dropped 3 percent as government reports on Thursday showed the country’s fourth-quarter GDP grew 10.7 percent, more than economists estimated, while inflation accelerated to a more-than-forecast 1.9 percent last month.
TAIPEI
Taipei was also dragged down by news from Wall Street, closing down 2.47 percent, or 200.56 points, to 7,927.31.
Other regional markets:
KUALA LUMPUR: The Composite Index lost 7.91 points, or 0.60 percent to close at 1,300.45.
JAKARTA: Indonesian shares fell1.06 percent, or 28.04 points, to 2,610.34.
WELLINGTON: New Zealand shares fell 1.08 percent, or 34.86 points, to 3,190.43.
MANILLA: Philippine shares fell 2.01 percent, or 62.11 points, to 3,023.47.
MUMBAI: Indian shares fell 1.12 percent with the 30-share benchmark SENSEX down 191.46 points at 16,859.68.
CIVIL DEFENSE: More reservists in alternative service would help establish a sound civil defense system for use in wartime and during natural disasters, Kuma Academy’s CEO said While a total of 120,000 reservists are expected to be called up for alternative reserve drills this year, compared with the 6,505 drilled last year, the number has been revised to 58,000 due to a postponed training date, Deputy Minster of the Interior Ma Shih-yuan (馬士元) said. In principle, the ministry still aims to call up 120,000 reservists for alternative reserve drills next year, he said, but the actual number would not be decided later until after this year’s evaluation. The increase follows a Legislative Yuan request that the Ministry of the Interior address low recruitment rates, which it made while reviewing
WARNING: China has stepped up harassment of foreign vessels after its new regulation took effect last month, an official said, citing an incident in the Diaoyutai Islands The Coast Guard Administration (CGA) yesterday linked China’s seizure of a Taiwanese fishing vessel illegally operating in its territorial waters to Beijing’s new regulation authorizing the China Coast Guard to seize boats in waters it claims. Chinese officials boarded and then seized a Taiwanese fishing vessel operating near China’s coast close to Kinmen County late on Tuesday and took it to a Chinese port, the CGA said. The Penghu-registered squid fishing vessel Da Jin Man No. 88 (大進滿88) was boarded and seized by China Coast Guard east-northeast of Liaoluo Bay (料羅灣), 17.5 nautical miles (32.4km) from Taiwan’s restricted waters off Kinmen,
As eight basketball-playing international students appealed to the Taiwanese basketball industry after they were excluded from the draft of an upcoming new league merging the P.League+ and the T1 League, the new league’s preparatory committee spokesperson Chang Shu-jen (張樹人) yesterday said the committee would tomorrow discuss the supplementary measures and whether the international students can join the draft. The students on Tuesday called for support on their right to play in the upcoming new league, after a merger involving the two leagues impacted their eligibility for the draft. The international players from the University Basketball Association (UBA), led by first pick prospect
Taiwanese singer and activist Panai Kusui on Saturday said that China’s censorship of her remarks about the Tiananmen Square Massacre at the Golden Melody Awards underscores the importance of Taiwan’s freedom. Beijing’s “actions further underscore the precious freedom in Taiwan,” Panai’s agent quoted the singer as saying after the ceremony. “The value of freedom can be felt at this moment,” Panai said. “I hope everyone will cherish what we have.” The indigenous singer won Best Taiwanese Album at the nation’s most prestigious music awards for Ia-Po (夜婆). During her acceptance speech, she urged people not to forget China’s 1989 crackdown on democracy protesters in