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Asia weighed down by negative Wall Street lead Australian miners pull index lower

Article By: ,  Financial Analyst
January 20, 2011 4:59 PM

Asian markets experienced sharp falls today, led by heavy selling overnight on Wall Street. The Hang Seng was trading at 24,112, down 1.2%, reaching as low as 24,066. The sell-off has been sector-wide without exception, with Basic Materials down 1.7%.
Today’s session has seen the largest fall on the Hang Seng in five weeks on the back of concerning data. Chinese headline inflation figures are forecasted to be as high as 4% and poor earnings from investment banking giant Goldman Sachs have prompted the sell-off.
Two of the biggest sufferers were Cathay Pacific Airways and Cosco Pacific which were down 4% and 3% respectively.
Similarly in Japan, the Nikkei was down 1.2% at 10,430 – the low for the day. The Technology sector experienced the biggest decline, down 2.2%. Major fallers were Shinsei Bank and Tokyo Electron both down 3%.
In Australia, miners including BHP, Rio Tinto and Fortescue metals pushed the market lower. BHP reported that its coal production will be affected by the floods in Queensland. Fortescue shares dropped over 6 % after Singapore’s Temasek Holdings offloaded its stake in the miner.

Asian markets experienced sharp falls today, led by heavy selling overnight on Wall Street. The Hang Seng was trading at 24,112, down 1.2%, reaching as low as 24,066. The sell-off has been sector-wide without exception, with Basic Materials down 1.7%.

Today’s session has seen the largest fall on the Hang Seng in five weeks on the back of concerning data. Chinese headline inflation figures are forecasted to be as high as 4% and poor earnings from investment banking giant Goldman Sachs have prompted the sell-off.

Two of the biggest sufferers were Cathay Pacific Airways and Cosco Pacific which were down 4% and 3% respectively.

Similarly in Japan, the Nikkei was down 1.2% at 10,430 – the low for the day. The Technology sector experienced the biggest decline, down 2.2%. Major fallers were Shinsei Bank and Tokyo Electron both down 3%.

In Australia, miners including BHP, Rio Tinto and Fortescue metals pushed the market lower. BHP reported that its coal production will be affected by the floods in Queensland. Fortescue shares dropped over 6 % after Singapore’s Temasek Holdings offloaded its stake in the miner.

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