Markets slump on poor jobs growth in US

Nikkei:9,380.35 (-111.86) Hang Seng:Closed for holiday Shanghai Comp:Closed for holiday

ASIAN STOCKS fell yesterday, dragging the regional benchmark index to its lowest level in a week, as slowing jobs growth in the US added to signs the global economic recovery is faltering.

Australia’s S&P/ASX 200 Index dropped 0.3 per cent, Singapore’s Straits Times Index lost 1 per cent and India’s Sensitive Index gained 0.2 per cent. Markets in China, Hong Kong, South Korea, Taiwan and New Zealand were closed.

In Tokyo, Panasonic declined 1.8 per cent to ¥912, Sony fell 3.2 per cent to ¥2,062 and Nintendo lost 1.6 per cent to ¥17,910.

Tokyo Electric (Tepco) fell 28 per cent to ¥207, its lowest close on record, after TSE's Saito was quoted by the Asahi Shimbunnewspaper as saying it needed to be restructured and file for bankruptcy protection.

In Sydney, James Hardie Industries, dropped 0.9 per cent to A$5.75 and Billabong sank 1.3 per cent to A$6.08.

Airlines across Asia declined after the International Air Transport Association cut its 2011 industry profit forecast by 54 per cent because of higher oil prices, political protests in the Middle East and north Africa and the Japan earthquake.– (Bloomberg)