Asian shares fall from seven-month high

Asian shares fall from seven-month high


Stock markets across Asia dropped from their highest level in seven months as investors took the opportunity to take profits fon the recent rally.

By Telegraph staff
Last Updated: 8:20AM BST 12 May 2009

In Tokyo, Mitsubishi UFJ Financial fell almost 4pc after soaring 26pc in the past three days. Sony was also on the backfoot, slipping 3pc, as the yen climbed against a weaker dollar.

Meanwhile, in Sydney, Fortescue Metals Group, Australia’s third-largest iron ore producer, was down 6.2pc after analysts at JP Morgan Chase slashed their recommendation on the shares.

Jim Rogers, who co-founded the Quantum Fund with George Soros, told Bloomberg News that "of course its time for a correction, that’s the way markets work.”I don’t see the stock market as a great place to be for the next two to three years, maybe for the next decade.”

Overall, the MSCI Asia Pacific Index fell 1.1pc to 97.44 in Tokyo. The pullback comes after six days of advance fulled by hopes that the global economy is recovering. Japan’s Nikkei 225 Stock Average retreated 1.4pc to 9,315.67.

http://www.telegraph.co.uk/finance/markets/5311098/Asian-shares-fall-from-seven-month-high.html