ASIA PACIFIC [Star, The (South Africa)]
(Star, The (South Africa) Via Acquire Media NewsEdge) Stocks fell yesterday, led by materials shares, as escalating violence in the Middle East sapped demand for riskier assets.
The MSCI Asia Pacific index dropped 0.4 percent to 144.16 at 5.17pm in Tokyo, with all but one of its 10 industry groups declining. The gauge has retreated since reaching a six-year high on June 19.
Shougang Fushan Resources Group, which sells coking coal, tumbled 3.7 percent in Hong Kong to lead materials companies lower. FIH Mobile lost 4.8 percent in Hong Kong after Jefferies Group downgraded the handset maker. Miura, a boiler maker, slid 3 percent in Tokyo after Barclays cut its rating on the stock. China Vanke jumped 7 percent as the country's biggest developer debuted shares in Hong Kong to gain access to international investors.
"A surge in oil prices can weigh on the global economy and that's why the Iraqi conflict gets attention," said Osamu Koizumi, the executive officer at Meiji Yasuda Asset Management. - Bloomberg
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