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Asian ADRs hit 5-mth low on credit worries

Asian ADRs hit 5-mth low on credit worries
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First Published: Wed, Aug 15 2007. 11 03 AM IST
Updated: Wed, Aug 15 2007. 11 03 AM IST
Reuters
Hong Kong: Asian stocks listed on Wall Street fell 1.8% on 15 August, to their lowest close in five months amid new worries about the credit market and the health of the US economy.
Asian exporter, financial and mining stocks all tumbled, with Japan’s Mitsubishi UFJ and global miner BHP Billiton both losing more than 3%.
Investors sold stocks after Sentinel Management Group, which oversees $1.6 billion in assets, told its clients it wants to stop investors from withdrawing their cash to avoid forced liquidation.
Market confidence took a further hit after Wal-Mart Stores posted a weaker-than-expected quarterly profit and cut its full-year forecasts, raising worries about US consumers, which drive about 70% of the world’s biggest economy.
US blue-chip stocks and the tech-heavy Nasdaq Composite Index both fell more than 1.5%.
On Tuesday, 14 August, MSCI’s measure of Asia Pacific stocks excluding Japan slipped 0.7% after coming within reach of a 1-month trough plumbed last Friday.
The index is now down 10% from the record high set on 24 July, trimming its year-to-date gains to 15% from as much as 27.5%.
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First Published: Wed, Aug 15 2007. 11 03 AM IST