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Toyota leads Asia down
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2008-06-30 10:47:00 |
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ASIAN stocks fell for a third week, pointing to the regional benchmark's worst first half in 16 years, as record oil prices dimmed earnings prospects and concern grew that credit-market losses haven't reached an end.
Toyota Motor Corp, the world's second-biggest auto maker, led declines after saying surging gasoline prices may crimp demand for cars.
Mitsubishi UFJ Financial Group Inc fell as Citigroup Inc prepared to cut jobs and UBS AG forecast the United States bank will write down more assets. Brambles Ltd, the world's biggest supplier of industrial pallets, advanced in Australia after saying it expects "solid" profit growth.
"Fears about inflation are materializing as commodity prices rise," Yang Jeung Won, chief investment officer in Seoul at Samsung Investment Trust Management Co, which oversees US$7.8 billion in equities told Bloomberg News. "Financials are going to teeter on shaky ground for a while to come."
The MSCI Asia Pacific Index lost 2.2 percent to 136.96 last week. It's fallen about 13 percent in the first six months, its worst performance since a 23 percent drop in 1992. Japan's Nikkei 225 Stock Average sank 2.9 percent last week to 12,544.36, in a seven-day losing streak.(Shanghai Daily)
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Chinese (ÖÐÎÄ°æ)
