Asian
stocks fell, after yesterday sinking the most in nine months, as U.S.
equities extended declines and the slump in crude oil deepened.
The
MSCI Asia Pacific Index declined 0.3 percent to 134.57 as of 9:03 a.m.
in Tokyo, with energy companies dropping the most. The Asian gauge
slumped 1.7 percent yesterday and the Standard & Poor™s 500 Index
fell for a fifth day, extending the longest losing streak in 13 months.
West Texas Intermediate oil sank below $48 a barrel in New York amid
speculation data on U.S. supplies today will fuel concern over a global
glut.
Japan™s
Topix index dropped 0.5 percent. Short-selling on the Tokyo Stock
Exchange reached 37.8 percent of total trading value yesterday, the
highest since at least October 2008, when bourse data became available.
South
Korea™s Kospi index fell 0.2 percent. Australia™s S&P/ASX 200 Index
slid 0.6 percent, while New Zealand™s NZX 50 Index lost 0.2 percent.
Markets in China and Hong Kong have yet to open.
The
Shanghai Composite Index gained less than 0.1 percent yesterday to
extend a five-year high. China™s equity benchmark index rallied 53
percent in 2014 amid speculation the government will take steps to boost
growth in the world™s second-largest economy.
A
correction in mainland shares will occur œsooner or later as investors
will look for strong earnings growth to support the rally™s momentum,
Ted Pulling, chief investment officer of the Pacific Regional Group at
JPMorgan Asset Management, said yesterday.
Source : Bloomberg
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