Asian
stocks fell as investors await economic data from the U.S. and amid concern
gains in equities over the past two months have outpaced the prospects for
company earnings.
Suntory
Beverage & Food Ltd. sank 2 percent in Tokyo as the soft-drink maker that
raised $4 billion in Japan’s largest initial public offering this year cut its
profit projection. Ausdrill Ltd. slumped 28 percent in Sydney after the
drilling contractor cut its profit forecast. GungHo Online Entertainment Inc.
gained 1.6 percent as Japan Exchange Group Inc. and Nikkei Inc. said the
Internet-game maker will be included in their new index.
The
MSCI Asia Pacific Index lost 0.2 percent to 141.13 as of 10:15 a.m. in Tokyo,
before markets open China and Hong Kong. Eight of the 10 industry groups on the
gauge fell. The measure rose 9.3 percent this year through yesterday amid
unprecedented stimulus from the Bank of Japan and optimism the Federal Reserve
will continue its monthly bond buying into 2014.
Japan’s
Topix index swung between gains and losses. Australia’s S&P/ASX 200 Index
fell 0.2 percent, dragged lower by banks as Australia and New Zealand Banking
Group Ltd. and National Australia Bank traded without the right to the current
dividend.
(Source: Bloomberg)