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[June 25, 2014]
Asia declines on Mid-East violence
(Baystreet Foreign Markets Wrap (Canada) Via Acquire Media NewsEdge) Asian stocks fell, led by materials shares, as escalating violence in the Middle East sapped demand for riskier assets.
Japan's Nikkei 225 index dropped 109.63 points, or 0.7%, to 15,266.61.
The Hang Seng Index in Hong Kong dumped 13.94 points, or 0.1%, to 22,866.70 Shougang Fushan Resources Group Ltd., which sells coking coal, fell 3.7% in Hong Kong to lead materials companies lower. FIH Mobile Ltd. lost 4.8% in Hong Kong after Jefferies Group LLC downgraded the handset maker.
Miura Co., a boiler-maker, slid 3% in Tokyo after Barclays Plc cut its rating on the stock. China Vanke Co. jumped 7% as the country's biggest developer debuted shares in Hong Kong to gain access to international investors.
Newcrest Mining Ltd., an Australian gold producer, slid 2.4%. China Petrochemical Development Corp. lost 2.4% in Taiwan.
Prime Minister Shinzo Abe said deflation has ended in Japan and will be thwarted by new government policies designed to encourage business expansion. His ruling party will seek to pass a law in the next session of parliament to legalize casinos as part of a plan to boost tourism before the Tokyo Olympics in 2020 In other markets; The Shanghai CSI 300 moved down 11.45 points, or 0.5%, to 2,133.37 In Korea, the Kospi index slid 12.58 points, or 0.6%, to 1,981.77 Singapore's Straits Times Index dropped 0.49 points to 3,261.54 In Taiwan, the Taiex index fell 4.04 points to 9,242.16 In New Zealand, the NZX 50 skidded 16.66 points, or 0.3%, to 5,104.54 Australia's S&P/ASX 200 lost 30.78 points, or 0.6%, to 5,402.01 © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved.
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