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Asian Stocks Slide Most in 11 Weeks on China Rates; Sony Slumps
April 28 (Bloomberg) -- Asian stocks fell by the most in 11 weeks
after China's central bank unexpectedly raised its key lending rate
to cool the world's fastest-growing major economy. Raw materials
producers such as BHP Billiton and Posco declined.
Shares of Sony Corp. led a drop by technology companies after the
world's second-biggest maker of consumer electronics forecast
earnings that missed analyst estimates.
``Companies that rely on the Chinese market may suffer if China
continues raising rates,'' said Tsuyoshi Shimizu, who helps oversee
$16 billion at Dai-Ichi Kangyo Asset Management Co. in Tokyo.
``Sony's earnings were not good and that's also a drag on the
market.''
The Morgan Stanley Capital International Asia-Pacific Index, which
tracks more than 1,000 stocks in the region, lost 1.3 percent to
136.33 as of 1:35 p.m. in Tokyo, the biggest drop since Feb. 13. The
gauge is set for a 0.6 percent slide this week. All 10 industry
groups fell, with measures of materials and energy stocks posting the
biggest declines.
In Japan, which accounts for about 60 percent of the regional index's
market value, the Nikkei 225 Stock Average dropped 1.5 percent to
16,855.51. Shares of Sony were headed for their biggest tumble in
three years.
Hong Kong's Hang Seng Index slumped 1.2 percent. South Korea's Kospi
Index dropped 2.3 percent, Asia's biggest loser. China's Shanghai
Composite Index rose 0.5 percent, reversing a fall of as much as 1.9
percent. China Merchants Bank Co. gained on expectations the rate
increase will boost lending margins.
Stock measures declined around the region, except in Taiwan and New
Zealand.
`Hype' on Demand
China's central bank increased interest rates by 0.27 percentage
point to 5.85 percent and asked the nation's banks to restrict
lending to prevent the economy from overheating.
Commodity prices such as oil, copper, zinc and aluminum fell after
China made the announcement. Copper prices, which have doubled in the
past year, slid as much as 3.6 percent from a record in London, while
crude oil dropped as much as 1.6 percent in New York.
BHP Billiton, the world's largest mining company, fell 2.4 percent to
A$29.55. Posco, the world's fifth-largest steelmaker, dropped 4
percent to 264,000 won. Inpex Holdings Inc., Japan's largest oil
producer, slid 2.8 percent to 1.06 million yen. BlueScope Steel Ltd.,
Australia's largest steelmaker, lost 2.2 percent to A$7.68.
``We're lightening up on resources shares because we're not convinced
that the hype about Chinese demand quite matches the reality,'' said
Brian Ingham, who helps manage $83 million at Reward Asset Management
in Sydney.
`Prudent Measure'
China's economy grew 10.2 percent in the first quarter from a year
earlier, helping to power economies around the world and leading to
higher rates in the U.S., Asia and Europe. Urban investment in
factories and roads rose 30 percent and lending jumped 70 percent,
worsening shortages in raw materials and an oversupply of property
and manufactured goods.
``Shares of companies that rely on demand from China will be hit the
most,'' said Park Jae Hoon, who helps oversee about $800 million at
Tong Yang Investment Trust Management Co. in Seoul. ``The rate
increase raises concern China may take additional measures to cool
its economy.''
Jiangxi Copper Co., China's largest producer of the metal, fell 3.2
percent to 11.59 yuan. China Vanke Co., the biggest property
developer in the southern Chinese city of Shenzhen, lost 5.3 percent
to 6.09 yuan.
PetroChina Co., China's biggest oil producer, dropped 1.7 percent to
HK$8.50. Cnooc Ltd., China's biggest offshore oil producer, slumped
4.6 percent to HK$6.20.
China's Banks
China Merchants Bank, the nation's biggest publicly traded lender,
rose 4.3 percent to 6.82 yuan. China Minsheng Banking Corp., the
nation's first privately controlled lender, advanced 2.8 percent to
4.04 yuan.
``Banking stocks are benefiting as a widened spread in the interest
rates is expected to boost'' the profit they make from lending, said
Zhang Xuejun, who manages about $720 million with Guotai Junan
Allianz Fund Management Co. in Shanghai.
The central bank left its one-year deposit rate unchanged at 2.25
percent, seeking to encourage consumer spending and avoid gains in
the Chinese yuan.
Sony slumped 5.3 percent to 5,710 yen, its biggest slide since April
28, 2003. Full-year operating profit, or sales minus the cost of
goods sold and administrative expenses, for the year ending March 31,
2007, will fall 48 percent to 100 billion yen ($874 million) as costs
to develop its PlayStation 3 video game console dent a recovery at
its electronics division, the company said yesterday.
Analysts in the Bloomberg survey were expecting 170 billion yen in
operating profit.
Matsushita Electric Industrial Co., which sells its products under
the Panasonic brand, slid 1.8 percent to 2,755 yen. Creative
Technology Ltd., a maker of digital music players, slid 1.9 percent
to S$10.20.
To contact the reporters for this story:
Chen Shiyin in Singapore at [EMAIL PROTECTED];
Makiko Suzuki in Tokyo at [EMAIL PROTECTED]
Last Updated: April 28, 2006 00:37 EDT
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