Stocks dip as exporters to US drop on Fed forecast

Nikkei:9,596.74 (–32.69) Hang Seng:21,759.14 (–100.83) Shanghai Comp:2,687.59 (+38.27)

ASIAN STOCKS fell as companies that make a substantial share of their profits in the US were sold after the Federal Reserve lowered its growth forecasts.

In Tokyo, export stocks were among the biggest fallers. Shares in Nikon, a camera manufacturer whose prime markets are in North America, fell 4.9 per cent to ¥1,926 while rival Olympus lost 2.5 per cent to ¥2,714.

Kyocera, a printer manufacturer, slid 1.7 per cent to ¥8,140.

Tokyo Electric Power slid 5.8 per cent to ¥293 after an adviser to the government on compensation claims to victims of the radiation leak at Tepco’s Fukushima plant said the outlook was “severe” for the passing of legislation that would provide state help.

Chubu Electric Power lost 2.9 per cent to ¥1,447.

Nissan Motor gained 1.3 per cent to ¥839 after it said profit would be hit less severely than previously estimated.

The Nikkei 225 Average fell 0.3 per cent to 9,596.74.

Seoul stocks also lost ground with LG Electronics, that derives nearly a third of its profits from the US, fell 0.6 per cent to Won80,900. – (Copyright The Financial Times Limited 2011)