Wednesday, May 5, 2010
SINGAPORE (AP) -- Asian stocks were mostly lower Tuesday on investor concerns that Chinese moves to slow a soaring property market will undermine economic growth while Thai stocks vaulted on hopes of a resolution to the country's political crisis.
China's benchmark index in Shanghai led decliners, falling 43.22 points, or 1.5 percent, to 2,827.67 while Taiwan's market dropped 0.3 percent and Australia's index retreated 1 percent.
Elsewhere, Hong Kong's Hang Seng was down 52.30, or 0.3 percent, at 20,759.91 while Indonesia gained 0.9 percent. South Korea's Kospi, meanwhile, slipped 0.1 percent to 1,718.75. Singapore dropped 1.3 percent.
Markets in Japan were closed for a holiday while China's markets were closed Monday.
Thailand's benchmark stock index surged 4.5 percent after Prime Minister Abhisit Vejjajiva proposed a Nov. 14 date for fresh polls if anti-government protesters occupying central Bangkok accept his reconciliation plan and peace and stability is restored.
In other parts of Asia, sentiment was clouded by fears that China's efforts to curb inflation and property prices could slow the regional economic recovery.
On Monday, China increased the deposit reserve requirement ratio for most banks for the third time this year, the latest in a series of measures aimed at cooling the country's skyrocketing property prices.
The moves could help trigger a real estate price drop of more than 30 percent in the biggest cities and cut economic growth by 3 percentage points, Citigroup said in a report.