ASIA STOCKS closed lower

Asian stocks dropped, with the regional benchmark index paring its first monthly advance since April, before U.S. economic growth data and the conclusion of a Federal Reserve policy meeting.

 

The MSCI Asia Pacific Index dropped 0.9% to 132.59  in Tokyo. More than two shares fell for each that rose on the measure, which is heading for a 1.6% advance this month.

 

Japan’s Topix index and the benchmark Nikkei 225 Stock Average both closed 1.5% lower. The Japanese yen gained as much as 0.2% against the dollar today.

 

 

Japan’s Topix index climbed 32% this year amid optimism Prime Minister Shinzo Abe will push through reforms while the Bank of Japan continues record stimulus to beat deflation.

 

Taiwan’s Taiex index dropped 0.7%. The nation’s economy expanded at faster than economists estimated in the second quarter, even as a slowdown in China damps the outlook for the island’s exports.

 

India’s S&P BSE Sensex 30 index decreased 0.8%, heading for a sixth day of decline, the longest losing run since March, as the rupee’s plunge spurred concern that capital outflows will accelerate.

 

South Korea’s Kospi index lost 0.2% and Singapore’s Straits Times Index slid 0.3%. New Zealand’s NZX 50 Index dropped 0.3%. Australia’s S&P/ASX 200 Index added 0.1%. Hong Kong’s Hang Seng Index swung between gains and losses.

 

HTC Corp., Taiwan’s biggest smartphone maker, tumbled 6.7% after forecasting an eighth consecutive drop in quarterly sales. GungHo Online Entertainment Inc., which has climbed 10-fold this year, slumped 13% in Tokyo as more than five shares fell for each that rose on the Topix index. China Overseas Land & Investment Ltd. rose 2.7% in Hong Kong, pacing gains among Chinese developers, after the government endorsed development of the property market.

 

 

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