Lower onSpain concerns

HONG KONG: Asian markets sank yesterday on growing concerns that Spain could be forced into seeking a bailout while China dashed previous hopes it will introduce fresh stimulus measures to boost its economy.
Japanese stocks were 0.28 per cent lower. Tokyo’s Nikkei 225 Index gave up 23.89 points to end at 8,633.19.
In Shanghai, the composite index slipped 0.21 per cent. or 4.97 points, to 2,384.67.
“The performance of the market was likely due to cooling anticipation for stimulus policies and profit-taking,” Zhang Qi, an analyst at Haitong Securities, said.
Seoul was 0.27 per cent, or 5.05 points, lower at 1,844.86 and Sydney shed 0.49 per cent, or 20.2 points, to 4,094.2.
The losses reversed two days of gains with Madrid’s economic woes now in focus as its borrowing rates approached the 7 per cent mark considered unsustainable for governments to service their debts.
“There is this ongoing concern about the Spanish banking system and what kind of bailout it could need,” Tim Waterer, senior trader at CMC Markets in Sydney, told Dow Jones Newswires.
In other Asian markets yesterday:
* Taipei fell 1.10 per cent, or 80.49 points, to 7,261.80.
* Manila fell 0.10 per cent, or 4.79 points, to 5,018.32.
* Jakarta ended flat, edging down 1.15 points to 3,917.92.
* Bangkok closed 1.30 per cent, or 15.03 points, lower at 1,138.63.
* Mumbai’s benchmark Sensex index slid 0.77 per cent, or 126.43 points, to 16,312.15 points, snapping two days of gains. AFP*

Business Times : marketwatch

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