Mining stocks' sell-off takes its toll on markets

Nikkei:10,004.20 (+154.46) Hang Seng:23,315.24 (–318.01) Shanghai Comp:2,866.93 (–65.26)

ASIAN SHARES fell sharply yesterday, as resource-related stocks tumbled after metals were sold off on commodity exchanges.

The FTSE Asia Pacific index fell, although Japanese markets remained shut for a public holiday.

In Sydney, Rio Tinto fell 1.5 per cent to A$80.88.

Australian bank stocks were lower with Westpac shares falling 2.5 per cent to A$24.11, while ANZ lost 1.5 per cent to A$23.45. Extract Resources was a bright spot in Sydney’s resources sector, climbing 14.2 per cent to A$7.63.

In Shanghai, Yanzhou Coal Mining led the resources sector lower, down 7.1 per cent to Rmb33.14, while China Oilfield Services lost 6.5 per cent to Rmb18.51.

Commodity shares led Hong Kong’s Hang Seng index down. Offshore oil group Cnooc fell 2.6 per cent to HK$18.78 and China Coal Energy lost 1.3 per cent to HK$10.50. Refiner Sinopec declined 1.8 per cent to HK$7.57.

Hyundai Motor fell 0.8 per cent to Won240,000, in spite of a 40 per cent jump in April US sales. Kia Motors, gained 1.2 per cent to Won74,200. – (Copyright The Financial Times Limited 2011)