Asian Stocks Head for Biggest 3-Day Drop in Seven Months
Asian stocks declined, with the region’s benchmark index heading for its steepest three-day loss since June, as concern that the global economic recovery is faltering spurred investors to sell riskier assets.
Sony Corp. (6758) fell 3 percent in Tokyo, pacing losses among Japanese exporters on a stronger yen. China Coal Energy Co. sank 4.5 percent in Hong Kong after the nation’s second-biggest coal producer said it expects that 2013 profit slumped as much as 65 percent. GCL-Poly Energy Holdings Ltd., the world’s largest maker of polysilicon, tumbled 5.2 percent after China set a lower-than-expected target for installed solar-energy capacity this year.
The MSCI Asia Pacific Index dropped 1.9 percent to 135 as of 12:08 p.m. in Tokyo, extending four straight weekly declines and headed for its lowest close since Sept. 6. Japan’s Topix index sank 2.6 percent as the yen touched a seven-week high versus the greenback. Global stocks tumbled the most since June on Jan. 24 as a sell-off in emerging-market currencies prompted investors to seek havens in Treasuries, gold and the yen.
“Optimism among global stock investors is waning,” said Tetsuo Seshimo, a Tokyo-based portfolio manager at Saison Asset Management Co., which oversees about $791 million. “Markets are losing momentum after rising a lot toward the end of last year.”
http://www.bloomberg.com/news/2014-01-27/asian-stocks-head-for-biggest-3-day-drop-in-five-months.html
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