Asian stocks fell, with the regional benchmark index poised to snap a two-day gain, as the U.S. vows to hold Syria’s government liable for deadly chemical weapons attacks on its people, damping investors’ risk appetite.
The MSCI Asia Pacific Index fell 0.7% to 130.66
The Asia-Pacific gauge rose 1.7% this year through yesterday, lagging a 16% surge in the S&P 500 as growth slows in China and speculation that the Federal Reserve will curb economic stimulus spurred investors to sell assets across Asia and emerging markets.
Japan’s Topix index slid 0.5% and Australia’s S&P/ASX 200 added 0.1%. New Zealand’s NZX 50 Index lost 0.1%. South Korea’s Kospi Index fell 0.1% as data showed the nation’s consumer confidence was unchanged in August.
Hong Kong’s Hang Seng Index declined 0.6%. Trading of PetroChina Co. and Kunlun Energy Co., a unit of PetroChina, has been suspended.
Taiwan’s Taiex Index slid 0.9% and Singapore’s Straits Times Index dropped 1.5%. China’s Shanghai Composite Index gained 0.1% as data showed July profit at industrial companies gained 11.6 percent from a year earlier.
Billabong International Ltd., an Australian surfwear company, slumped 5.3% after it posted a loss more than three times its market value and said its core brand was worthless.
ENN Energy Holdings Ltd., an operator of gas pipelines, slumped 5.8% in Hong Kong after its first-half net income missed estimates.
Tokyo Electric Power Co. jumped 12% after the government said it would take over the handling of radioactive water spills at the Fukushima Dai-Ichi nuclear plant.
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