Hang Seng: 19,242.50 (–491.21) Shanghai Comp: 2,508.09 (+3.98) Values at yesterday's close: ASIAN STOCKS fell yesterday, as investors considered the implications on the region of a Greek exit from the euro zone and a slowdown in the US after the Federal Reserve cut its forecast for the world's largest economy.
LG Electronics announced a $945 million rights issue to help fund restructuring at its loss-making smartphone business. Fears over dilution in the value of its shares drove them 13.7 per cent lower to Won61,600.
LG Corporation, which owns 35 per cent of LG Electronics, slid 9.9 per cent to Won55,600.
Samsung Electronics slumped 0.4 per cent to Won967,000.
Hong Kong’s Hang Seng fell 2.5 per cent as financials posted the biggest losses. HSBC was down 2.9 per cent to HK$65.50, while Bank of East Asia lost 5.4 per cent to HK$27.30.
Virgin Blue gained 1.4 per cent to A$0.38 as Australia’s second largest airline said it expected to double its share of corporate passengers after Qantas Airways grounded its fleet for about two days. Shares in Qantas were flat at A$1.58.
Tokyo markets were closed for a public holiday. – (Copyright The Financial Times Limited 2011)
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