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Fiscal cliff downs stocks in Asia

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decline3 December 21, 2012 (Chinavestor) Stocks fell in Asia as fiscal cliff optimism was gone on Friday. The Shanghai Composite Index (SHA:000001) fell 15.0 points or 0.7% to end the week at 2,153.31. The Hang Seng Index (INDEXHANGSENG:.HSI) declined 153.5 points or 0.7%. The decline was universal in both Asian markets. Stocks that fell outnumbered those that advanced five to one among components of the Hang Seng Index. Air China (HKG:0753) was among stocks that advanced but larger rival China Southern Airlines (HKG:1055) as well as China Eastern Airlines (HKG:0670) fell on Friday. Still airliners are among the best performing stocks for the last weeks as value investors snapped up shares of the sector. Bur resource and mining stocks fell hard in Hong Kong as growth outlook for the global economy fell.

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