Asian stock markets fell on growing doubts that the stimulus measures carried out by the European, American and Japanese central banks are sufficient to support economic growth.
BHP Billiton, the world's largest mining company, dropped 1,6% in Sydney. BYD, the Chinese automaker partially owned by Warren Buffett's Berkshire Hathaway, plunged 6,3% in Hong Kong after CLSA Asia Pacific Markets cut the company's price target by 94%, citing a worsening product outlook. Singapore Telecommunications fell 4,2% after Temasek Holdings, a state-owned investment firm, sold Singapore dollars 1,28 billion ($1 billion) in shares in Southeast Asia's largest telephone company.
The MSCI Asia Pacific Index fell 1,1% to 121.89 as of 10:56 am in Tokyo, with more than four stocks falling to one stock rising. The Nikkei 225 Stock Average and the Topix both fell 1,6 percent. The Hang Seng slipped 0,7% while Australia's S&P/ASX 200 lost 0,4%.
Evidently, explains Matthew Sherwood, head of market research at Perpetual Investments, "investors have realized that the recently announced liquidity injections do not solve the underlying problems of this crisis".
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