Nikkei: 8.590.57 (-193.89) Hang Seng: 19,710.50 (+94.10) Shanghai Comp: 2,470.52 (-8.21)ASIAN STOCKS fell on concern Europe may be unable to halt the spread of its sovereign-debt crisis, denting the outlook for the global economy. The regional benchmark pared its decline after Hong Kong reversed losses.
Mitsubishi UFJ Financial Group, Japan’s biggest lender by market value, declined 2.7 per cent after the cost of insuring against default on European sovereign and financial debt surged to records.
BHP Billiton, the world’s No 1 mining company, slumped 2.2 per cent after commodity prices declined.
Kansai Electric Power, a Japanese nuclear-power operator, jumped 3.5 per cent after the country’s new leader indicated atomic power will continue to be used. The MSCI Asia Pacific Index pared losses after Hong Kong’s Hang Seng Index reversed a 1.7 per cent loss to gain 0.5 per cent.
Mitsubishi UFJ fell 2.7 per cent to 325 yen in Tokyo, the biggest drag on Japan’s Topix index.
National Australia Bank sank 2.8 per cent to A$22.14.
HSBC Holdings, Europe’s largest bank by market value, declined 1.8 per cent to HK$64.10 in Hong Kong. (Bloomberg)
