Asian stocks fall. Concerns over the dollar and China
Hong Kong (AsiaNews / Agencies) - Most stocks market in Asia are down for fear of a falling dollar and a rise in interest rates in China, to curb inflation.
By 3pm in Tokyo, four stocks slid for every three that rose. In Hong Kong and Shanghai stock exchanges each lost 0.9%. Banking and real estate titles are worst affected, amid fears that China’s growth balloon with burst. Raw material tittles instead made gains. China Construction Bank lost 1.5 per cent, and Industrial and Commercial Bank of China fell 0.9 per cent.
Chinese developer China Overseas Land & Investment Ltd dropped 2.2 per cent to its lowest in seven months, while Cheung Kong (Holdings) fell 1.3 per cent.
The dollar has lost almost 0.5% against all major currencies and oil prices last night in New York rose to 91.34 dollars a barrel.