Thursday, April 18, 2013

Asian Stocks Decline, Led by Mining Companies on Growth Concern

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Asian Stocks Decline, Led by Mining Companies on Growth Concern
2013-04-18 00:29:27.910 GMT


By Jonathan Burgos and Adam Haigh
April 18 (Bloomberg) -- Asian stocks fell, led by mining
companies, after commodity prices retreated on concern a weaker
outlook for global economic growth will crimp demand for raw
materials.
BHP Billiton Ltd., the world's biggest mining company, sank
2.6 percent in Sydney. LG Display Co., which supplies touch
screens for Apple Inc.'s iPhone and iPad, dropped 3.5 percent in
Seoul after audio-chip maker Cirrus Logic Inc. reported an
inventory glut that suggest iPhone sales may fall short of
analysts' expectations. Softbank Corp., Japan's third-largest
wireless carrier, lost 1.3 percent after a rival's bid for
Sprint Nextel Corp. gained shareholder support.
The MSCI Asia Pacific Index slipped 0.6 percent to 136.58
as of 9:27 a.m. in Tokyo, before markets in China and Hong Kong
open. About three shares fell for each that rose on the gauge.
The measure is heading for its third day of decline this week
after reports showed Chinese growth and industrial production
expanded less than economists estimated.
"Weak corporate earnings results and renewed concerns
about the global economy saw traders switch to a risk-off
mode," said Matthew Sherwood, head of investment markets
research in Sydney at Perpetual Investments, which manages about
$25 billion.

For Related News and Information:
Developed Market View: DMMV <GO>
Graphing: GRAPH <GO>
Feature stories on stocks: TNI STK GREET <GO>
MSCI Asia Pacific versus Dow Jones Industrial Average:
MXAP <Index> INDU <Index> HS <GO>
World Trends and Reversals: WTR <GO>
Equity screening: EQS <GO>

--Editor: John McCluskey

To contact the reporters on this story:
Jonathan Burgos in Singapore at +65-6212-1156 or
jburgos4@bloomberg.net;
Adam Haigh in Sydney at +61-2-9777-8635 or
ahaigh1@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at +852-2977-6545 or
ngentle2@bloomberg.net

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