US Market Falls Trigger Asian Stocks Decline

Follow us on Twitter

Asian shares started the week on a fairly gloomy note on Monday after a fall in US markets on Friday. Another reason for the decline was a lowering of the growth forecasts for the region by a major broker.

Taiwan could resist the negative trend with a rally after a big win for the opposition in weekend parliamentary elections. Taiwanese shares such as Cathay Financial gained on expectations it will be allowed to invest more in mainland China. China Airlines raised on speculation that direct flights between Taiwan and China could be allowed soon.

The world's biggest shipyard Hyundai, and Cosco, the shipbuilding and repair unit of China's biggest shipping line declined on concerns new orders will slump. PetroChina and PTT fell on speculation slowing global growth will lower demand for oil.

China Mobile, declined after saying it ended talks to sell Apple's iPhone handset in China. The Japanese stock market was closed for a holiday. - By UBS

Armen Hareyan's picture

Posted January 14th, 2008 by Armen Hareyan