Friday February 27, 2009, 3:28 am EST
HONG KONG (Reuters) - Asian shares fell on Friday, ending a tough month marked by nagging fears about the world economy and the financial system, though Tokyo stocks rose and safety plays such as the dollar pared recent gains.
Stock market gains at the start of the year unraveled further in February and the MSCI index of Asia-Pacific shares outside Japan headed for a 6 percent monthly fall, having hit at one point their lowest since late November.
European shares were set to open sharply lower on Friday, with a retreat in commodity prices such as gold and oil seen hitting some energy-related firms and miners.
Risk aversion in February was reflected in the surge of the dollar, which despite Friday's dip, is on track to its biggest monthly gain against the yen since 1995. Gold had rallied, at one point breaching past the $1,000 an ounce barrier to near a March 2008 record before retreating some.
Grim economic data across Asia, including double-digit export declines and shrinking economic output, are also pummeling currencies such as the South Korean won, which on Friday hit an 11-year low against the dollar.
"The drop in exports in the region continues to take a terrible toll on GDP and the region's economies will continue to decelerate for some months to come," said Calyon in a note to clients on Friday. "The pressure on Asian currencies remains broad based," it added.
The MSCI index of Asia-Pacific stocks outside Japan fell 0.9 percent by 2:10 a.m. EST, losing 13 percent so far this year to reflect pessimism about the U.S. and world economy. more...
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