Asian stocks slipped, paring the regional index’s fifth straight weekly gain, as airlines retreated on surging oil prices amid escalating violence in Iraq. Energy explorers jumped.
Japan’s Nikkei 225 index bolted 124.31 points, or 0.8%, to 15,097.84
The Hang Seng Index in Hong Kong hiked 144.15 points, or 0.6%, to 23,319.17
Korean Air Lines Co. dropped 1.6%, pacing losses among carriers. Inpex Corp., Japan’s biggest energy explorer, surged 4.5%. Advantest Corp. climbed 3.6% in Tokyo after the Nikkei newspaper reported that the maker of chip-testing equipment raised its target for operating margins on rising orders. Fortescue Metals Group sank 6.2% after iron-ore futures fell.
Energy explorers advanced today. Inpex climbed 4.5% in Tokyo. Cnooc Ltd., China’s largest offshore oil producer, rose 1.9% in Hong Kong. Woodside Petroleum Ltd., Australia’s second-largest oil producer, gained 1.9%
Weichai Power Co. climbed 6.5% in Hong Kong after the diesel-engine maker announced it took control of Germany’s Kion Group AG.
Airlines declined. Korean Air slipped 1.6%. Japan Airlines Co. decreased 2.9%. Singapore Airlines dropped 1.8%.
CHINA
The Shanghai CSI 300 added 22.83 points, or 1.1%, to 2,176.24, s data showed China’s retail sales increased 12.5% in May from a year earlier, while industrial output expanded 8.8%.
China’s money-supply growth topped estimates in May as the government supports economic growth while reining in shadow banking. Data released yesterday after markets closed showed new local-currency loans rose last month to 870.8 billion yuan ($140 billion U.S).
That compared with the 750 billion yuan median estimate of 43 economists surveyed by Bloomberg. M2, the broadest measure of money supply, rose 13.4%, compared with a median projection for 13.1%.
In other markets;
In Korea, the Kospi index dropped 20.80 points, or 1%, to 1,990.85
Singapore’s Straits Times Index eked up 0.24 points to 3,293.25
In Taiwan, the Taiex index subtracted 8.26 points, or 0.1%, to 9,196.39
In New Zealand, the NZX 50 backtracked 24.60 points, or 0.5%, to 5,170.51
The Australian S&P/ASX 200 index fell 23.75 points, or 0.4%, to 5,405.05
