Nikkei:9,504.97 (-16.97) Hang Seng:23,184.32 (+66.2) Shanghai Comp:2,706.36 (-3.586)
ASIAN SHARES struggled after recent weak US consumer data raised fears of an export driven slowdown.
The FTSE Asia Pacific index was almost unchanged at 259.8 in a week of shortened trading in the US and UK as investors remain concerned over the weaker momentum of the US economy.
Japan’s Nikkei 225 ended down 0.2 per cent at 9,504.97, and South Korea’s Kospi Composite was 0.3 per cent lower at 2,093.79.
Honda led Tokyo’s decline as the carmaker fell 1.3 per cent to Y3,030 on a Nikkei report that it will abandon a share buyback plan because of the negative impact of the March 11th earthquake.
Other exporters also lost ground, Sony was off 2.1 per cent to Y2,122, while Japan Steel Works lost 2.6 per cent to Y570 in a broad sell off across the steel sector.
In Seoul, a lack of fresh catalysts kept investors sidelined but Samsung SDI plunged 11.5 per cent to Won177,500 on concerns about the high investment costs of its push into solar cell production, which is expected to hurt profit for some years. – Copyright The Financial Times Limited 2011
