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Asia Stocks Down As Global Growth Woes Intensify

The day's sullen trading began in Asia.

Hong Kong's Hang Seng fell 0.9 percent to 20,824.56. South Korea's Kospi lost 0.7 percent to 1,981.89 and Australia's S&P/ASX200 dropped 0.3 percent to 4,481.90.

Mainland China's Shanghai Composite Index shed 0.6 percent to 2,074.42 and the smaller Shenzhen Composite Index lost 0.5 percent to 849.30.

Benchmarks in Singapore, Taiwan and Thailand also fell. New Zealand's rose. Markets in Japan were closed for a public holiday.

The World Bank cut this year's growth outlook for developing Asia-Pacific economies to 7.2 percent from its May forecast of 7.6 percent. The bank cut its forecast for China, the region's biggest economy, to 7.7 percent from May's 8.2 percent. The bank cited weak global demand due to the lackluster U.S. recovery and Europe's recession.

Benchmark oil for November delivery slid 51 cents to $89.37 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed down $1.83 to $89.88 per barrel on the Nymex on Friday.

In currencies, the euro fell to $1.2972 from $1.3025 late Friday in New York. The yen rose to 78.19 yen from 78.69 yen.

___

AP Business Writer Pamela Sampson in Bangkok, Thailand contributed to this report.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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