Asian stocks dropped a second day
after Japan’s largest manufacturers became more pessimistic and
China’s factory output shrank for a second month amid a global
economic slowdown that has sapped export demand.
Toyota Motor Corp. (7203), the world’s biggest carmaker by market value, fell 1.7 percent. Nippon Shokubai Co. plunged 13 percent after a deadly fire shut output at one of the chemical maker’s factories. BEC World Pcl, Thailand’s biggest publicly traded television broadcaster, tumbled 20 percent after its chief financial officer said the stock’s rally couldn’t be justified. Arrium Ltd., an Australian iron ore producer, surged 25 percent after rejecting a bid from companies led by Noble Group Ltd.
The MSCI Asia Pacific Index declined 0.4 percent to 121.98 as of 6:30 p.m. in Tokyo. About two shares fell for each that rose on the gauge, with markets in China, Hong Kong and South Korea closed for holidays. The regional benchmark slid 0.9 percent in the previous two weeks amid concern political discord would keep Europe from resolving its debt crisis.
“People still have to downgrade their assumptions for economic growth, and that will probably flow through the next quarter or next half in lower profit assumptions for companies,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “Given markets are closed in many parts, I think we are probably in for a relatively quiet, but soft start to the week.”
Read more: http://www.bloomberg.com/news/2012-10-01/asian-stocks-drop-as-china-japan-data-signal-slowodown.html
Toyota Motor Corp. (7203), the world’s biggest carmaker by market value, fell 1.7 percent. Nippon Shokubai Co. plunged 13 percent after a deadly fire shut output at one of the chemical maker’s factories. BEC World Pcl, Thailand’s biggest publicly traded television broadcaster, tumbled 20 percent after its chief financial officer said the stock’s rally couldn’t be justified. Arrium Ltd., an Australian iron ore producer, surged 25 percent after rejecting a bid from companies led by Noble Group Ltd.
The MSCI Asia Pacific Index declined 0.4 percent to 121.98 as of 6:30 p.m. in Tokyo. About two shares fell for each that rose on the gauge, with markets in China, Hong Kong and South Korea closed for holidays. The regional benchmark slid 0.9 percent in the previous two weeks amid concern political discord would keep Europe from resolving its debt crisis.
“People still have to downgrade their assumptions for economic growth, and that will probably flow through the next quarter or next half in lower profit assumptions for companies,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “Given markets are closed in many parts, I think we are probably in for a relatively quiet, but soft start to the week.”
Read more: http://www.bloomberg.com/news/2012-10-01/asian-stocks-drop-as-china-japan-data-signal-slowodown.html
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