Asian Stocks Fall as Europe Woes Deepen, U.S. Home Sales Drop
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Bloomberg (28/3) - Asian stocks
fell on concern Europe’s debt crisis is deepening and after pending
U.S. home sales fell, damping earnings prospects for Asian exporters.
The MSCI Asia Pacific Index dropped 0.3 percent to 135.69 as of 9:51 a.m. in Tokyo before markets in Hong Kong and China opened. About two stocks fell for each that gained on the measure, which rose 0.4 percent yesterday.
The MSCI Asia Pacific Index rose 5.2
percent this year through yesterday on improving U.S. economic data and
speculation that Japan will deploy more stimulus. The Asia benchmark
traded at 15.1 times estimated earnings on average, compared with 14.1
times for the Standard & Poor’s 500 Index and 12.6 times for the
Stoxx Europe 600 Index.
Japan’s Topix Index (TPX) fell 0.6 percent as the Finance Ministry
reported foreign investors sold a net 267.6 billion yen ($2.8 billion)
of Japanese shares last week. South Korea’s Kospi Index was little
changed as data showed the nation’s current account surplus widened in
February. Australia’s S&P/ASX 200 dropped 0.1 percent and New
Zealand’s NZX 50 Index slid 0.1 percent.
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