Equities slide as Toyota falls on profit forecast

Nikkei: 9,448.21 (–66.23) Hang Seng: 22,508.08 (+87.71) Shanghai Comp: 2,700.70 (–4.45)

ASIAN STOCKS dropped yesterday amid concern the global economy is slowing.

Toyota slid 2.4 per cent to ¥3,220 in Tokyo, the biggest single contributor to the MSCI Asia Pacific Index’s declines yesterday. The company forecast a drop in profit after the nation’s record earthquake disrupted production and sales and while the yen strengthened.

Bridgestone, Japan’s top tyremaker by market capitalization, slid 2.5 per cent after Japan’s machinery orders fell in April.

Canon, the world’s largest camera maker by sales, lost 0.9 per cent to ¥3,730.

Sony retreated 0.4 per cent to ¥2,017.

HTC slumped 6.9 per cent to NT$1,085, the second-biggest drag on the MSCI Asia Pacific Index.

Foxconn Technology, a maker of electronic parts, fell 6.9 per cent to NT$121.5.

Chalco rose 2.8 per cent to HK$6.66 in Hong Kong after a media report said China may select three rare-earth companies to lead restructuring.

Minmetals Development, importer and exporters of metals and minerals, advanced 10 per cent to ¥37.99. – ( Bloomberg)