Nikkei: 9,574.32 (+26.53) Hang Seng: 22,343.77 (–152.23) Shanghai Comp: 2,705.43 (–24.61)ASIAN STOCKS slipped yesterday, as Beijing's tightening moves weighed on the Shanghai Composite index, but the Tokyo market made progress on growth hopes for exporters.
For the second day in a row, however, the star performer was Tokyo Electric Power, the utility at the centre of Japan’s nuclear reactor crisis.
Tepco’s stock extended Tuesday’s 25 per cent gains by a further 32 per cent to ¥329
The government said on Tuesday that it would help the utility with compensation payments to those affected by nuclear leaks.
Kansai Electric Power rose 1.6 per cent to ¥1,298 after a Citigroup upgrade.
Honda made a significant rebound as it climbed by 2 per cent to ¥2,990.
But euro zone woes weighed on Esprit Holdings, a Hong Kong fashion retailer that makes most of its sales in Europe, sinking 5.1 per cent to HK$26.30.
QBE Insurance, Australia’s largest insurer, fell 3.7 per cent to A$16.65 after it warned on profit following a high level of catastrophe claims. – (Copyright The Financial Times Limited 2011)
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