Hang Seng: 18,917.95 (–537.36) Shanghai Comp: 2,456.54 (–40.69) Values at yesterday's closeASIAN STOCKS were under pressure yesterday, as investors were disappointed by a lack of progress made at a meeting over the weekend aimed at resolving Europe's debt crisis.
Risk aversion rose after finance ministers from the European Union failed to reach an agreement on how to resolve the region’s worsening debt problems.
In Hong Kong, Esprit, a clothier that gets most of its revenue from Europe, fell 19.8 per cent to HK9.80.
Australia’s Billabong International slid 7.2 per cent to A$3.03. Sydney’s worst performing stock.
Australia’s SP/ASX 200 lost 1.6 per cent. BHP Billiton, the world’s largest mining company by market value, fell 1.7 per cent to A$37.60.
Cnooc, China’s biggest offshore oil producer by market value, sank 4 per cent to HK$13.28.
Chinese lenders and property developers also lost ground after Wen Jiabao, China’s premier, said the government will take measures to control inflation.
Industrial Commercial Bank of China, the world’s largest bank by market value, lost 4.2 per cent to HK$4.59. – (Copyright The Financial Times Limited 2011)
