The Hindu Business Line : Asian shares fall

MUMBAI: Asian stocks fell on Monday, led by finance and electronic companies, after US commercial lender CIT Group filed for bankruptcy and spending by American consumers fell, damping confidence in the global economic recovery.

The dollar dipped while oil prices edged higher to bounce back from a sharp drop on Friday along with shares, with US crude oil up 25 cents a barrel to $77.25.

The MSCI index of Asia-Pacific shares outside Japan fell 1.5 per cent, touching a one-month low, while the Thomson Reuters index of regional stocks shed 1.8 per cent.

Japanese benchmark index Nikkei 225 fell 272.08 points, or 2.71 per cent, to trade at 9,762.66.

Hong Kong’s Hang Seng index declined 514.7 points, or 2.37 per cent, to trade at 21,238.17.

China’s Shanghai Composite decreased 21.4 points, or 0.71 per cent to trade at 2,974.45.

Taiwan’s Taiex index sank 51.70 points, or 0.7 per cent, to trade at 7,288.38.

South Korea’s Kospi index dropped 19.98 points, or 1.26 per cent to trade at 1,560.71.

Singapore’s Straits Times index lost 27.35 points, or to 1.03 per cent trade at 2,623.78. — Agencies

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