Most Asia Stocks Fall Led by Consumer Shares; Bridgestone Sinks

Most Asian stocks fell, with the regional benchmark index sliding from a three-week high, as consumer companies led declines.

Panasonic Corp., the consumer-electronics maker pivoting toward products for cars and homes after record losses, lost 2.1 percent in Tokyo. Bridgestone Corp. dropped 3 percent after the Japanese tiremaker forecast slower-than-expected full-year profit growth. CapitaLand Ltd. fell 1 percent in Singapore after Southeast Asia’s biggest developer reported a 46 percent decline in fourth-quarter profit. Seek Ltd. jumped 19 percent in Sydney after the online hiring company reported an increase in first-half profit and said a unit will acquire a rival website.

The MSCI Asia Pacific Index slipped 0.2 percent to 137.28 as of 11:15 a.m. in Tokyo, falling for the first time in four days. About five shares fell for every four that rose on the gauge. The market value of global equities rose to $62.1 trillion on Feb. 17, above the level reached at the end of December, data compiled by Bloomberg show.

Japan’s Topix (TPX) fell 0.4 percent today on volume that was 14 percent below the 30-day intraday average. The gauge rose the most in the five months yesterday after the Bank of Japan doubled a growth funding facility.

South Korea’s Kospi index slid 0.4 percent. China’s Shanghai Composite Index dropped 0.3 percent, while Hong Kong’s Hang Seng Index lost 0.1 percent. Taiwan’s Taiex index was little changed. Australia’s S&P/ASX 200 Index (AS51) rose 0.3 percent and New Zealand’s NZX 50 Index added 0.1 percent. Singapore’s Straits Times Index climbed 0.5 percent.

(Source: Bloomberg)