MW: Most Asian Stocks Fall, Led by Mining Shares, Japan Automakers
By Jonathan Burgos and Anna Kitanaka
Sept. 21 (Bloomberg) -- Most Asian stocks fell, led by mining companies and Japanese automakers, as copper futures fell and the yen strengthened. Technology shares advanced.
Jiangxi Copper Co., China’s biggest producer of the metal, slumped 4.4 percent in Shanghai. Honda Motor Co., Japan’s second largest automaker, and Sony Corp., the maker of Bravia televisions, dropped at least 0.8 percent in Tokyo on concern a stronger yen will hurt overseas revenue. Powerchip Technology Corp., which makes memory chips, climbed 6.4 percent in Taipei after the country’s export orders beat estimates.
About seven stocks declined for every six that advanced in the MSCI Asia Pacific Index, which was little changed at 124.75 as of 2:45 p.m. in Tokyo. Japan’s Nikkei 225 Stock Average fell 0.3 percent, reversing an earlier advance, as the yen appreciated before a Federal Reserve policy meeting today.
“If there is any surprise, it could be that the Fed brings forward plans for monetary easing, which would lead to a weaker dollar and stronger yen,” said Tomomi Yamashita, a fund manager in Tokyo at Shinkin Asset Management Co., which oversees about $6 billion.
Australia’s S&P/ASX 200 Index slipped 0.1 percent, while New Zealand’s NZX 50 Index advanced 0.6 percent. Hong Kong’s Hang Seng Index gained 0.1 percent.
Futures on the Standard & Poor’s 500 Index in the U.S. fell 0.3 percent. The gauge climbed 1.5 percent to a four-month high yesterday after Lennar’s profit and International Business Machines Corp., the world’s largest provider of computer services, announced a $1.7 billion takeover.
The MSCI Asia Pacific Index has jumped 7 percent this month after U.S. and Chinese economic reports buoyed investor confidence in global growth. Companies in the gauge are valued at an average 14.3 times estimated profit, the highest level since Aug. 10, according to data compiled by Bloomberg.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net.
