Most Asian stocks fell, with the regional benchmark index
heading for the longest streak of weekly losses in five months, after faster
U.S. economic growth fueled concern the Federal Reserve may reduce stimulus
sooner than expected.
Fortescue Metals Group Ltd. (FMG) sank 4.7 percent after Teck
Resources Ltd. sold a stake worth about A$500 million ($473 million) in
Australia’s third-biggest iron-ore exporter. Honda Motor Co. declined 0.8
percent after the yen yesterday surged against the dollar, curbing the outlook
for Japanese exporters. Samsung Electronics Co. preferred shares declined 4.2
percent in Seoul after Citigroup Inc. managed the sale of a $350 million stake
in the electronics firm.
The MSCI Asia Pacific Index dropped 0.2 percent to 139.95 as
of 9:41 a.m. in Hong Kong, extending this week’s retreat to 0.9 percent, its
third straight weekly loss. More than three shares declined for every one that
rose. The gauge gained 8.4 percent this year through yesterday amid
unprecedented stimulus from the Bank of Japan and optimism the Fed will
continue its bond buying into 2014.
(Source: Bloomberg)