Asian shares end lower on Europe contagion fears

17 Nov 2011 Evaluate

Turmoil of Asian region continued for yet another session and most of the Asian peers witnessed downfall on Thursday after two ratings agencies sounded alarm bells over the potential impact of the Euro zone debt crisis on major banks. However, most of the Asian equity indices pared their earlier losses, with some indexes finished in the positive territory. Meanwhile, Fitch ratings agency warned that the contagion effects on US banks were “potentially large” if the crisis spreads beyond Greece, Ireland, Italy, Portugal, and Spain. It pointed to the risks in France, where banks are being weakened by their own Euro zone exposure, while Paris is trimming spends to avert loss of AAA credit rating.

Hong Kong shares fell for a third-straight session on Thursday, with mainland property names among the hardest hit in weak turnover. However, Nikkei edged higher in the trade ahead of data which could showed the US economy is weathering Europe’s debt storm, but the 8,500 level remained elusive amid fears of what news might come next out of the Euro zone.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,463.05	-3.91	-0.16
Hang Seng	18,817.47	-143.43	-0.76
Jakarta Composite	3,792.25	-21.84	-0.57
KLSE Composite	1,465.47	-11.37	-0.77
Nikkei 225	8,479.63	16.47	0.19
Straits Times	2,778.25	-29.19	-1.04
Seoul Composite	1,876.67	20.60	1.11
Taiwan Weighted	7,387.81	0.29	0.00

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