Most Asian stocks fell as Samsung Electronics Co. reported profit that missed analyst estimates, overshadowing gains by commodity-related companies after oil and metal prices rose.
Samsung, Asia’s largest maker of semiconductors, fell 2.7 percent in Seoul, dragging down chipmakers. Canon Inc., a camera maker that gets more than a fourth of its sales in the Americas, slumped 2 percent in Tokyo after U.S. companies unexpectedly cut jobs last month. BHP Billiton Ltd., the world’s biggest mining company, gained 0.9 percent in Sydney. STX Pan Ocean Co., South Korea’s No. 1 bulk carrier, surged 10 percent in Seoul after shipping rates advanced.
About five shares declined for every four that advanced in the MSCI Asia Pacific Index, which was little changed at 130.04 as of 2 p.m. in Tokyo. The gauge earlier rose to its highest level since August 2008, before the bankruptcy of Lehman Brothers Holdings Inc.
“Sentiment is fairly mixed,” said Shane Oliver, Sydney- based head of investment strategy at AMP Capital Investors Ltd., which manages $85 billion. “Markets have priced in continuing economic growth and continuing strength in profits, so whenever something negative comes along that questions this, like Samsung, it causes a bit of a setback.”
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
Samsung, Asia’s largest maker of semiconductors, fell 2.7 percent in Seoul, dragging down chipmakers. Canon Inc., a camera maker that gets more than a fourth of its sales in the Americas, slumped 2 percent in Tokyo after U.S. companies unexpectedly cut jobs last month. BHP Billiton Ltd., the world’s biggest mining company, gained 0.9 percent in Sydney. STX Pan Ocean Co., South Korea’s No. 1 bulk carrier, surged 10 percent in Seoul after shipping rates advanced.
About five shares declined for every four that advanced in the MSCI Asia Pacific Index, which was little changed at 130.04 as of 2 p.m. in Tokyo. The gauge earlier rose to its highest level since August 2008, before the bankruptcy of Lehman Brothers Holdings Inc.
“Sentiment is fairly mixed,” said Shane Oliver, Sydney- based head of investment strategy at AMP Capital Investors Ltd., which manages $85 billion. “Markets have priced in continuing economic growth and continuing strength in profits, so whenever something negative comes along that questions this, like Samsung, it causes a bit of a setback.”
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
http://jodnet.blogspot.com
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