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Asian shares fall amid worries about Middle East

Asian shares fall amid worries about Middle East
AP
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First Published: Mon, Feb 21 2011. 08 53 AM IST
Updated: Mon, Feb 21 2011. 08 53 AM IST
Tokyo: Asian shares fell in early trading on Monday as markets kept nervous watch over political unrest in the Middle East.
Japan’s Nikkei 225 stock average fell 0.4% to 10,805.17 as the index pared robust gains made last week.
Hong Kong’s Hang Seng index lost 0.5% to 23,476.63, South Korea’s Kospi fell 0.7% to 1,998.64, and Australia’s S&P/ASX 200 shed 0.9% to 4,892.60.
On Sunday Moammar Gadhafi’s son went on state television in Libya to proclaim that his father remained in charge with the army’s backing. Seif al-Islam Gadhafi, in the regime’s first comments on the six days of anti-government demonstrations, also warned protesters that they risked igniting a civil war in which Libya’s oil wealth “will be burned.”
Libya’s response has been the harshest of any Arab country that has been wracked by the protests that toppled long-serving leaders in neighboring Tunisia and Egypt. The instability pushed oil prices higher amid worries of oil supply disruptions.
Also hurting sentiment was the latest move by China Friday to control inflation. Beijing ordered its banks to hold back more money as reserves, raising the required level by 0.5% of deposits. Reserves vary by institution but are about 20% for China’s biggest state-owned lenders.
Shares of Australia resource companies, which rely heavily on growing Chinese demand, slumped in response. BHP Billiton Ltd. fell almost 1%, while rival Rio Tinto Ltd. lost 1.5%.
Benchmarks in Taiwan, Singapore and New Zealand also retreated.
In currencies, the dollar slipped to ¥83.08 from ¥83.16 late Friday. The euro stood at $1.3691 from $1.3690.
Benchmark crude for April delivery jumped $1.78 to $91.49 a barrel in electronic trading on the New York Mercantile Exchange.
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First Published: Mon, Feb 21 2011. 08 53 AM IST
More Topics: Asia | Dow Jones | Stocks | Middle East | Egypt |