Asian Stocks Fall in U.S. Trading; Oil Shares Lead Decline

Last Updated (Tuesday, 01 April 2008 02:27) Written by Administrator Thursday, 06 March 2008 11:36

March 31 (Bloomberg) -- Asian stocks fell in U.S. trading, led by Chinese energy companies Cnooc Ltd. and PetroChina Co., after oil prices dropped more than $4 a barrel.

The Bank of New York Co.'s Asia ADR Index, which tracks American depositary receipts of the region's companies, slid 1 percent to 145.28. The index tumbled 13 percent this quarter, the steepest quarterly loss since the period ended in September 2002.

Cnooc, China's largest offshore oil producer, slid for the first time in 6 days, losing 2.4 percent to $146.79. PetroChina dropped for the third time in four days, falling 2.1 percent to $125.31. The nation's largest oil company has asked the government for a delay in the payment of windfall taxes on profit from oil sales, the China Securities Journal said, citing a company official.

Oil had the biggest one-day drop since March 19 on signs that a U.S. report will show inventories rose for the 11th time in 12 weeks as demand weakened.

Nikkei 225 Stock Average futures expiring in June were at 12,705 in Chicago, compared with 12,545 in Singapore and 12,500 in Osaka, Japan.