Asian equities record worst week since 2008

Hang Seng:17,668.83 (–243.12) Shanghai Comp:2,433.15 (–9.90) Values at yesterday's close

ASIAN STOCKS fell yesterday, driving a regional benchmark index toward the biggest weekly drop in almost three years, on concern policy makers worldwide are running out of tools to avert another global economic recession.

“The aggressive selling of equity markets seems to reflect a heightened probability that the world is moving toward a recession,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital in Melbourne.

BHP Billiton, Australia’s biggest oil producer, fell 3 per cent to A$34.55 in Sydney.

Rio Tinto slid 3.8 per cent to A$62.65. Alumina, a partner in the largest global producer of the material used to make aluminum, declined 1.1 per cent to A$1.385.

Esprit sank 4.6 per cent to HK$8.23 in Hong Kong.

Samsung slipped 4.1 per cent to 758,000 won in Seoul and LG Electronics, South Korea’s second-largest electronics maker, lost 4.6 per cent to 58,200 won.

In Hong Kong, Li Fung, the biggest supplier of clothes and toys to retailers, fell 3.5 per cent to HK$12.52.

HSBC declined 1.9 per cent to HK$59.50. – (Bloomberg)