Asian stocks were little changed,
after the biggest monthly advance since January 2012 for the
regional benchmark index, after U.S. consumer confidence slumped
in September to a four-month low.
Li Fung Ltd. (494), a supplier of toys and clothes to retailers
including Wal-Mart Stores Inc., slipped 1.2 percent in Hong
Kong. PT Bank Mandiri (BMRI) sank 4.1 percent, pacing declines among
Indonesian lenders on concern the central bank will raise
interest rates. Tokyo Electron Ltd. surged 13 percent after
Applied Materials Inc., the largest chipmaking-equipment
supplier, agreed to buy the company for $9.4 billion in stock.
The MSCI Asia Pacific Index fell less than 0.1 percent to
140.48 as of 6:54 p.m. in Hong Kong, with about one share
declining for each that rose. The gauge has climbed 7.9 percent
so far in September, on course for the best month since January
2012, after the Federal Reserve maintained the pace of its
stimulus and data showed China’s economic growth is stabilizing.
“U.S. consumer confidence was down, albeit slightly, but
enough to rattle already frayed nerves,” Andrew May, a trader
at CMC Markets in Auckland, said in an e-mail. “As we’re in the
last week and month of the quarter, expect to see traders
continue to take a little more profit off the table as they
reposition themselves.”
Japan’s Topix index index slid 0.3 percent and South
Korea’s Kospi index lost 0.5 percent. Taiwan’s Taiex Index
retreated 0.2 percent, while China’s Shanghai Composite Index
lost 0.4 percent. Singapore’s Straits Times Index slipped 0.1
percent, while the Jakarta Composite Index dropped 1.2 percent.
Australia’s SP/ASX 200 Index gained 0.8 percent, and New
Zealand’s NZX 50 Index advanced 1.2 percent. Hong Kong’s Hang
Seng Index added 0.1 percent.
Relative Value
The MSCI Asia Pacific Index traded at 13.7 times estimated
earnings, compared with 15.4 for the Standard Poor’s 500 Index
and 14.3 for the Stoxx Europe 600 Index, according to data
compiled by Bloomberg.
Futures on the SP 500 declined 0.2 percent. The gauge fell
0.3 percent yesterday amid concerns over U.S. budget talks and
economic growth as investors weighed prospects for easing
tensions in the Middle East. The index has declined 1.6 percent
over four days after reaching an all-time high of 1,725.52 as
the Fed unexpectedly refrained from cutting bond purchases.
The Conference Board’s index of U.S. consumer confidence
slumped in September to a four-month low and a separate report
showed a gauge of manufacturing in the region covered by the
Federal Reserve Bank of Richmond shrank in September.
Exporters Decline
Li Fung fell 1.2 percent to HK$11.78 in Hong Kong. Taiwan
Semiconductor Manufacturing Co., the world’s largest contract
manufacturer of chips, dropped 1.9 percent to NT$103 in Taipei.
LG Display Co. (034220), the world’s second-biggest maker of flat panels,
sank 2.4 percent to 26,800 won in Seoul.
Indonesian lenders fell on concern a weaker rupiah will
spur the central bank to increase borrowing costs, said Syaiful
Adrian, an analyst at PT Ciptadana Securities in Jakarta.
Bank Mandiri, the nation’s second-largest lender by market
value, sank 4.1 percent to 8,250 rupiah. PT Bank Rakyat
Indonesia slipped 3.2 percent to 7,550 rupiah.
Hong Kong Exchanges Clearing Ltd., the world’s second-biggest bourse by market value, slipped 1.2 percent to
HK$126.40. Talks with Alibaba Group Holding Ltd., China’s
largest e-commerce company, for an initial public offering broke
down after it sought partnership control of board nominations,
and the company is moving toward a U.S. listing, according to a
person familiar with the matter.
Tokyo Electron
Tokyo Electron soared 13 percent to 5,490 yen after the
acquisition by Applied Materials was announced. Shareholders
will get 3.25 shares for each held in the Tokyo-based company,
and Chief Executive Officer Tetsuro Higashi will become chairman
of the new entity.
Japan’s Topix climbed 41 percent this year, the most among
24 developed markets tracked by Bloomberg, amid optimism Prime
Minister Shinzo Abe and the Bank of Japan can lead the country
out of deflation through unprecedented monetary easing.
David Jones Ltd. (DJS), Australia’s second-largest department
store chain, climbed 4.9 percent to A$2.99 in Sydney as profit
topped analyst estimates.
Casinos climbed on expectations Macau will post record
gaming receipts next month. Revenue may rise 17 percent to 32
billion patacas ($4 billion) from a year earlier, Deutsche Bank
analyst Karen Tang wrote in a note. Rooms in 14 of 17 hotels
surveyed by the brokerage are fully booked Oct. 3-5.
SJM Holdings Ltd. (880), Asia’s biggest casino operator, climbed
2.9 percent to HK$21.30 in Hong Kong. Sands China Ltd., the
Macau gambling resort operator controlled by billionaire Sheldon
Adelson, increased 1.8 percent to HK$48.60.
Envipro Holdings Inc., a recycler of scrap metals and other
industrial waste, surged 26 percent from its initial public
offering price to 881 yen on its trading debut in Tokyo.
To contact the reporter on this story:
Adam Haigh in Sydney at
ahaigh1@bloomberg.net
To contact the editor responsible for this story:
Sarah McDonald at
smcdonald23@bloomberg.net
Stock Board in Tokyo
Yuriko Nakao/Bloomberg
Japan’s Topix climbed 41 percent this year through yesterday, the most among 24 developed markets tracked by Bloomberg, amid optimism Prime Minister Shinzo Abe and the Bank of Japan can lead the country out of deflation through unprecedented monetary easing.
Japan’s Topix climbed 41 percent this year through yesterday, the most among 24 developed markets tracked by Bloomberg, amid optimism Prime Minister Shinzo Abe and the Bank of Japan can lead the country out of deflation through unprecedented monetary easing. Photographer: Yuriko Nakao/Bloomberg
Sept. 25 (Bloomberg) — Shaun Cochran, head of Korea research at CLSA Asia Pacific, talks about South Korea’s economy, stocks and the local currency.
He speaks in Hong Kong with John Dawson on Bloomberg Television’s “First Up.” (Source: Bloomberg)
Asian Stocks Little Changed After U.S. Confidence Report
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