Asian Stocks pressured by exporters and telecoms (MarketWatch) (26-05-2008)

HONG KONG (MarketWatch) -- Stock markets in the Asia Pacific region fell sharply on Monday, with exporters losing ground in Tokyo after the yen firmed against the dollar, while shares of China Mobile fell in Hong Kong, sending the Hang Seng index lower.

Japan's Nikkei 225 declined 2% to 13,649.82, Australia's S&P ASX/200 was down 1% to 5,708.20 and South Korea's Composite Index gave up 1.5% to 1,800.15.

China's Shanghai Composite Index eased 2.6% and the Shenzhen Composite Index was off 2.5%.

Hong Kong's Hang Seng Index ended the morning session 1.7% lower, shedding 424 points to 24,289.75. The Hang Seng China Enterprises Index, Hong Kong's benchmark for China stocks, was down 2.2%.

Taiwan's Weighed Price Index fell 1%, Singapore's Straits Times index was down 0.8% and Malaysia's nudged 0.1% higher. Thailand's SET Index was down 1.6% and New Zealand's NZX-50 fell 0.4%.

Shares of China Mobile shed 7.5%, accounting for more than half the point decline in the benchmark Hang Seng, after Goldman Sachs recommended with confidence that investors should sell the share, saying Beijing's restructuring plan for the telecommunications sector would be unfavorable to the company.

  SourceMarketWatch