ASIA STOCKS lower; markets react to earnings

Asian stocks moved lower Friday, though Australia managed to rise, in a session heavy in corporate earnings.

South Korea’s Kospi slid 1.1%, with the index’s largest single constituent, Samsung Electronics, down 1% after it reported third-quarter net profit had risen 25.6% to another record high. Before the results, the stock enjoyed a strong run-up, and remains 5% higher so far in October.

Also in Seoul, LG Electronics dropped 3.7% after it reported on Thursday a 34% decline in net profit over the same period.

In Hong Kong, shares of Chinese auto maker Great Wall Motor shed 5.8% after reporting weaker profit margins in the third quarter.

In Japan, Canon fell 1.1% after it lowered its full-year net profit forecast to ¥240 billion ($2.47 billion) from a previous estimate of ¥260 billion set in July.

Mitsubishi Motors Corp. added 1.8% after the car company increased its profit outlook.

In Japan, the Nikkei Average remained under pressure from a yen that has firmed up in recent sessions. The Japanese currency helping to pull the Nikkei Average down 1.7%.

Chinese markets were also lower. Hong Kong’s Hang Seng Index lost 0.5%, and the Shanghai Composite was down 1%.

Australia, however, continued to edge higher, with the S&P/ASX 200 up 0.3%.

Sydney’s steady gains over the week made it one of the best performers, up 1.3% since last Friday, as the market hit a fresh five-year high. Sydney welcomed fresh signs of stabilization in China — its major trading partner.

Chinese stocks some of the worst performers for the week, with the Hang Seng Index down 2.7%, and the Shanghai Composite falling 2.3% over the same period.

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