Asian stocks slumped, with the regional benchmark index heading for the lowest close in two months, on concern the U.S. will take military action against Syria for using chemical weapons.
The MSCI Asia Pacific Index dropped 1.6%, heading for the lowest close since June 27 as more than five shares fell for each that rose.
Japan’s Topix index slid 1.8% after the yen gained the most in 2,5 months against the dollar yesterday, damping the earnings outlook for exporters. Honda lost 2.4% and Sony Corp., an electronics maker that generates 68% of its revenue overseas, dropped 3.4%.
The S&P BSE Sensex plunged 1.3%, heading for the lowest close in almost a year. South Korea’s Kospi Index fell 0.1% even as data showed the nation’s manufacturer confidence rebounded from a six month low.
Hong Kong’s Hang Seng Index declined 1.6%, while China’s Shanghai Composite Index added 0.1%.
Taiwan’s Taiex Index added 0.1%. New Zealand’s NZX 50 Index lost 0.7% and Australia’s S&P/ASX 200 dropped 1.1%.
Singapore’s Straits Times Index fell 1.3%, heading for its 10th straight daily decline, its longest losing streak since September 2002.
PetroChina dropped 4.7% after saying three senior managers, including Kunlun Energy Co. Chairman Li Hualin, had resigned and another was ousted.
“The situation in the Middle East is not stable right now,” experts said. “A correction was already happening across the region due to the Fed. Right now the bad news is coming out of Syria and it’s accelerating the correction.”
New China Life fell 3.3% after net income rose 15% to 2.18 billion yuan ($356 million), missing the 2.38 billion yuan mean estimate of analysts surveyed by Bloomberg News.
Samsonite International SA, the world’s largest branded-luggage maker, declined 3.2% after saying it will raise prices in Japan and India again this year as weakening local currencies cut the dollar value of sales from the countries.
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