Asian Stocks Fall Most in 2 Weeks


Asian stocks fell the most in almost two weeks, led by technology companies and automakers, on concern profits will decline as global economic growth slows.

LG Electronics Inc., the world's No. 3 television maker, dropped 9.6 percent after U.S. consumer spending waned and South Korea's exports grew less than forecast. Hon Hai Precision Industry Co. slumped by the 6.9 percent daily limit in Taipei following its first earnings decrease in seven years. China Merchants Bank Co. lost 6.6 percent in Shanghai on concern the nation's expansion will weaken after manufacturing contracted.

The MSCI Asia Pacific Index fell 1.8 percent to 123.03 at 8:29 p.m. in Tokyo, its largest drop since Aug. 19. All 10 industry groups retreated.

The regional measure has lost 22 percent this year as the global economy cooled and the world's largest financial companies posted writedowns and credit losses of more than $500 billion.

Japan's Nikkei 225 Stock Average fell 1.8 percent to 12,834.18, paced by Kawasaki Kisen Kaisha Ltd., after prices of shipping raw materials declined and Morgan Stanley downgraded the shares. China's CSI 300 Index dropped 3.5 percent, with Suning Appliance Co. tumbling by the daily limit after the electronics retailer said profit growth slowed.


TradingEconomics.com, Bloomberg.com
9/1/2008 6:17:11 AM