Market Report – Asia Cars Fall

In today’s market report… rising Asian currencies hit regional car exporters like Honda and Hyundai, helping to push local markets lower.

The dollar’s slide to a one-year low, and gains by the yen and Korean won, prompted investors to take profits on regional auto giants.

Hyundai declined despite news it will start building its third plant in China next year, as sales outpace supply in the world’s fastest growing car market.

The new Chinese plant will add 300,000 units of capacity and is expected to come on line by 2012.

Also Chinese automaker Geely rose as its parent wants to bid for Ford’s Volvo. It’s the latest Chinese firm to chase a foreign carmaker during a global industry overhaul.

But the Shanghai stock market came under pressure as regional peers declined after recent winning streaks, with the Taiwan benchmark seeing its worst day in two weeks.

(NTDTV)