12 May 2009

Asia-Pacific markets down

9:52 pm on 12 May 2009

Shares in Asia and the Pacific were down at the close on Tuesday.

The New Zealand benchmark index fell 16 points, or 0.58%, to 2812.

Top stocks were mixed. Telecom was down 3 cents at $2.58, while Fletcher Building fell 10c to $6.75. Contact Energy rose 7c to $6.12.

Lion Nathan was up 16c to $14.71 after the company agreed on the details of a takeover bid with Kirin Holdings.

The Australian market was down about 1%.

Shares in Asia fell for a second straight session, as some of the confidence that fuelled a rally in stocks to seven-month highs was undermined by reports highlighting economic weakness.

China's exports in April fell more steeply than expected from a year earlier, casting fresh doubt on the prospects for recovery in the world's third largest economy. Imports also dropped.

In Japan, the Nikkei average fell 1.6%, retreating from its highest close in six months on Monday.

Shanghai's main index was flat, while Hong Kong's shares fell 0.9% and Taiwan's main index slumped 3.2%.