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Asia: Stocks slump lower

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Date: Friday 09 May 2008

LONDON (ShareCast) - Asian stocks posted big losses with Japan’s Nikkei down on a profit warning from car maker Toyota and the stronger yen.

Toyota saw quarterly profit fall by a larger-than-expected 28% and said it expects net profit for the year to be down 27%.

The stronger yen added to the gloom, weighing on exporters such as Honda Motor and Canon.

Japan Tobacco did well though as the tobacco maker said it could increase the price of domestic cigarettes.

Hong Kong’s Hang Seng was also down on concerns about the economy after Vice Premier Wang Qishan said inflation was a concern.

China's producer price inflation rose from 8% to 8.1% in April due to increases in food, energy and raw material costs.

Across the markets, the Nikkei fell 2.06% while the Hang Seng was down 1.52%.