asian stock market drop sept 22 2011

Indonesia stock info - asian stock market drop sept 22 2011 ; The Fed’s plan to buy $400 billion of long-dated Treasury securities and sell the same amount of securities with a maturity date of less than three years in “light of significant downside risks to the economic outlook” sent U.S. stocks into a tailspin on Wednesday. Read more on U.S, stock market reaction to Fed.

Financials were slammed in the U.S., as “the concern [is] that a still-flatter U.S. yield curve could further pressure financial stocks as it destroys bank profitability,” according to strategists at BNP Paribas.

Japan’s Nikkei Stock Average JP:NIK -1.62% fell 1.3%, South Korea’s Kospi KR:0100 -2.53% dropped 2.8%, while Australia’s S&P/ASX 200 index AU:XJO -2.32% slid 2%.

Losses for the sector spread into Asian trading hours, with Mitsubishi UFJ Financial Group Inc. JP:8306 -2.37% MBFJF -11.96% down 2.4%, and Daiwa Securities Group Inc. JP:8601 -4.39% DSEEY -1.81% losing 4% in Tokyo.

Likewise, Commonwealth Bank of Australia AU:CBA -2.14% CBAUF -2.05% dropped 2.8% in Sydney, with AMP Ltd. AU:AMP -2.52% , AMLTF -3.92% down 2.3% and Macquarie Group Ltd. AU:MQG -4.09% , MQBKY -0.09% giving up 3.1%.

Against the downbeat comments on economic growth, Japanese industrial firms also fell, with Kawasaki Heavy Industries Ltd. JP:7012 -3.86%, KWHIY +3.39% down 3.5%. Mitsui Engineering and Shipbuilding Co. JP:7003 -3.52% off by 2.5%, and Japan Steel Works Ltd. JP:5631 -1.48% , JPSWF -1.96% down 2.3%.

Korean exporters were also under pressure, with Hyundai Motor Co. HYMLF +17.58% down 2.8%, and Samsung Electronics Co. SSN -1.88% down 2.1%

In Australia, resource shares rivaled the financial sector for steep losses Thursday, with Rio Tinto Ltd. /quotes/zigman/180893 AU:BHP -3.43% BHP +0.04% down 4.8% and Fortescue Metals Group Ltd. AU:FMG -4.99% , FSUMY -4.67% losing 4.7%.

Beer-maker Foster’s Group Ltd.. AU:FGL +7.57% FBRWY +5.94% had yet to trade, after receiving a sweetened takeover proposal from rival SABMiller PLC UK:SAB -1.62% SBMRY -4.83% late Wednesday.

KDDI Corp. JP:9433 +1.59% KDDIF +13.31% climbed 2.1% while Softbank Corp. JP:9984 -10.68% SFTBF -5.35% dropped 9.1% after reports that KDDI had secured rights to sell Apple Inc.’sAAPL -0.32% iPhone, previously the exclusive preserve of Softbank. source www.marketwatch.com

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