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Asian stocks fell, led by Nintendo Co., after China’s economic growth slowed in the fourth quarter as gains in factory output and investment spending eased.
Industrial & Commercial Bank of China Ltd., the nation’s biggest lender by market value, dropped 1.4 percent in Hong Kong. Nintendo tumbled 8.2 percent in Tokyo, the biggest decline on the regional benchmark index, after the maker of Wii video-game consoles forecast a surprise full-year loss.
Ssangyong Motor Co. rose 3 percent after controlling shareholder Mahindra & Mahindra Ltd. announced plans to invest 1 trillion won ($939 million) in the South Korean carmaker.
The MSCI Asia Pacific Index dropped 0.2 percent to 139.33 as of 1:20 p.m. in Tokyo, with six of the 10 industry groups on the gauge falling.
The measure finished last week within 2 points of its closing level for 2013 as investors weighed signs of a stronger global economy against concern about equity valuations.
“We have not had a fantastic start this year,” Vasu Menon, vice president for wealth management research at Oversea-Chinese Banking Corp. in Singapore, told Bloomberg TV. “Asia is facing economic headwinds. China is trying to engineer an economic slowdown to ensure more sustainable economic growth. We’re likely to see more volatility in the coming weeks as the U.S. earnings season gains pace.” (Bloomberg)
Industrial & Commercial Bank of China Ltd., the nation’s biggest lender by market value, dropped 1.4 percent in Hong Kong. Nintendo tumbled 8.2 percent in Tokyo, the biggest decline on the regional benchmark index, after the maker of Wii video-game consoles forecast a surprise full-year loss.
Ssangyong Motor Co. rose 3 percent after controlling shareholder Mahindra & Mahindra Ltd. announced plans to invest 1 trillion won ($939 million) in the South Korean carmaker.
The MSCI Asia Pacific Index dropped 0.2 percent to 139.33 as of 1:20 p.m. in Tokyo, with six of the 10 industry groups on the gauge falling.
The measure finished last week within 2 points of its closing level for 2013 as investors weighed signs of a stronger global economy against concern about equity valuations.
“We have not had a fantastic start this year,” Vasu Menon, vice president for wealth management research at Oversea-Chinese Banking Corp. in Singapore, told Bloomberg TV. “Asia is facing economic headwinds. China is trying to engineer an economic slowdown to ensure more sustainable economic growth. We’re likely to see more volatility in the coming weeks as the U.S. earnings season gains pace.” (Bloomberg)
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Articles by Korea Herald
