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"I think it's good in terms of trading, because when there is some panic selling, then the selling pressure will be released and the short-term bottom will be there, suggesting a technical rebound," said Linus Yip, strategist at First Shanghai Securities in Hong Kong. Falling prices for industrial metals like copper and aluminum, which are widely used in construction and manufacturing, hurt mining and resource shares. Anglo-Australian mining giant Rio Tinto Ltd. fell 4.7 percent. Hong Kong-listed Jiangxi Copper Co. lost 3.6 percent. Energy Resources of Australia plummeted 8.9 percent. Heavy industrial shares also faltered. Japan's Nishimatsu Construction Co. plunged 7.5 percent and Australia's BlueScope Steel Ltd. sank 9.4 percent. Japanese vehicle makers were battered. Toyota Motor Corp. fell 3.5 percent and Honda Motor Corp. lost 3.7 percent. Mazda Motor Co. dived 7.3 percent. Sony Corp., which fell below 1,000 yen for the first time since August 1980 on Monday, briefly touching 990 yen. Sony, which has struggled to turn around its money-losing TV business, last month reported a record annual loss of 457 billion yen ($5.7 billion) for its fourth straight year of red ink. For the day, the stock fell 1.7 percent. Benchmark oil for July delivery was down $1.30 to $81.94 per barrel, the lowest since October, in electronic trading on the New York Mercantile Exchange. The contract fell $3.30 to settle at $83.23 in New York on Friday.
In currency trading, the euro fell to $1.2420 from $1.2424 late Friday in New York. The dollar fell to 78.03 yen from 78.08 yen.
[Associated
Press;
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