Nikkei: 10,492.38 (–261.65) Hang Seng:23,048.66 (–347.76) Shanghai Comp:2,914.28 (–4.65)
JAPAN’S NIKKEI average fell more than 2 per cent, erasing most of the gains made over the past three days as a climb in oil prices and uncertainty in the Middle East prompted investors to take profits.
Analysts said that in view of the market’s run-up in the last three days, it was only natural that profit-taking emerged.
However Yahoo Japan surged after sources said Yahoo was in advanced talks to transfer its 35 per cent stake in Yahoo Japan to Softbank, a deal that could be worth as much as $8 billion. Softbank lost 3.6 per cent to 3,255 yen
Sharp lost 4.8 per cent to 846 yen after Morgan Stanley MUFG Securities cut its rating to “equal-weight” from “overweight”.
China and Hong Kong shares were lower as market players also preferred to cut risk after escalating tensions in the Middle East.
Anhui Conch Cement fell 2 per cent in Hong Kong. Casino operators were broadly lower. SJM Holdings fell 3.1 per cent, while Wynn Macau fell 0.7 per cent.
The Shanghai Composite was 0.7 per cent lower after five straight gains, with a selloff in infrastructure-related stocks such as cement producers. – (Reuters)
