ASIAN stocks closed mostly lower

Asian stocks outside Japan fell, with a regional gauge heading for its lowest close since September, amid concern the Federal Reserve will reduce stimulus and China’s economic slowdown may deepen as a cash crunch worsens.

The MSCI Asia Pacific Excluding Japan Index lost 0.6% to 421.05.

The benchmark MSCI Asia Pacific Index added 0.1% to 127.77, erasing earlier losses of 1.5% and heading for a 2.3% decline this week.

China’s Shanghai Composite Index slipped 0.1%, paring a loss of as much as 2%. Hong Kong’s Hang Seng Index fell 0.1% and is heading for a sixth straight weekly decline, the longest losing streak since the 2008 global financial crisis.

South Korea’s Kospi index declined 1.5% and Taiwan’s Taiex index slid 1.5%. Australia’s S&P/ASX 200 Index dropped 0.4% and New Zealand’s NZX 50 Index lost 0.8%. Japan’s Topix index added 0.7%, after falling 2.9% earlier. The Nikkei 225 Stock Average gained 1.7%, erasing losses of as much as 2.4%.

Guangzhou R&F Properties Co. dropped 2.9%, pacing losses among Chinese developers after the nation’s money-market rates retreated from records. Newcrest Mining Ltd. (NCM), Australia’s No. 1 gold producer, slumped 3.7% as the bullion headed for its biggest weekly drop since September 2011. Honda Motor Co. rose 2%, pacing gains among Japanese exporters after the yen weakened.

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