Asian stocks fell for a second day, led by finance and mining companies, amid concern a six-month rally has made shares expensive relative to earnings prospects.
BHP Billiton Ltd., the world’s largest mining company, declined 1.6% after metal prices slumped in London and New York. Brilliance China Automotive Holdings Ltd. fell 7.5% in Hong Kong after reporting a first-half loss.
In Hong Kong, the Hang Seng index dropped 150.60 points, or 0.7%, to 21,472.85.
Japanese and Singapore markets had the day off
Harvey Norman Holdings Ltd., Australia's biggest electronics retailers, declined 1.6% after it was downgraded at Credit Suisse Group AG.
Among stocks that advanced today, Hynix Semiconductor Inc. added 5.2% in Seoul after Morgan Stanley upgraded the stock. STX Pan Ocean Co., South Korea’s biggest bulk carrier, climbed 8.2% after saying it’s in talks with Vale SA on a contract to transport iron ore.
In Seoul, STX Pan Ocean climbed 8.2%. The company may haul about 300 million metric tons of iron ore for Vale, the world’s biggest producer of the commodity, over 25 years, spokesman Hwang Sung Min said by phone today.
Hynix, the world’s second-largest maker of computer-memory chips, surged 5.2% in Seoul after it was raised to "equal-weight" from "underweight" at Morgan Stanley. Separately, the price of the benchmark computer-memory chip climbed 5.9% on Sept. 18, the most since April 22, according to Dramexchange Technology Inc.
APN News & Media Ltd. fell 1.6% in Wellington after the publisher of more than 100 newspapers in Australia and New Zealand was downgraded to "underweight" from "neutral" at JPMorgan Chase & Co.
In Taipei, Dynapack International Technology Corp., a battery maker, surged 6.9% after the Commercial Times reported Delta Electronics Inc. may invest in the company.
CHINA
Shanghai’s 300 Composite Index gained 8.92 points, or 0.3%, to 3,208.60
Jiangxi Copper Co., China’s biggest producer of the metal, fell 1.2%. Shanghai Pudong Bank sank 3% after winning approval from the China Securities Regulatory Commission to sell 1.14 billion new shares in a private placement.
Metallurgical Corporation soared 28% on its first trading day. The state-owned contractor that works for China’s largest steel mills raised 18.97 billion yuan ($2.8 billion U.S.) and has said it expects to benefit as the government encourages steelmakers to replace old mills.
China’s securities regulator at the weekend approved six more companies for listing on the nation’s Nasdaq-like board for start-ups in the second batch of initial public offerings in Shenzhen, bringing the total number to 13.
Elsewhere:
South Korea’s Kospi index lost 4.21 points, or 0.3%, to 1,695.50.
Taiwan’s Taiex stumbled 24.09 points, or 0.3%, to 7,502.46
New Zealand’s NZX 50 Index shaved off 0.81 points to 3,155.65
Australia’s S&P/ASX 200 retreated 15.80 points, or 0.3%, to 4,677.40
