News Column

Asia stocks retreat

July 8, 2014

Asian stocks fell from a six-year high, as the yen held gains against the dollar and materials producers retreated.

Japan'sNikkei 225 index faltered 65.03 points, or 0.4%, to 15,314.41

The Hang Seng Index in Hong Kong inched up 0.46 points to 23,541.38

Bridgestone Corp., a Japanese tiremaker that gets most of its sales abroad, declined 1.3%. Nippon Steel & Sumitomo Metal Corp. slumped 2.5% in Tokyo, with the materials sector the second-biggest decliner on the regional equity gauge.

Japan today posted a larger-than-estimated current-account surplus for May.

Datang International Power Generation Co., the listed unit of one of China's five largest power generators, surged the most in more than 15 years in Hong Kong on plans to restructure its coal-to-chemical business.

Asustek Computer Inc. sank 2.8% in Taipei after sales at the computers and parts maker fell in June.

Aeon Financial Service Co. fell 3.7% as Credit Suisse Group AG lowered its price target for the Japanese credit-card firm.

Wynn Macau Ltd., a unit of billionaire Steve Wynn's gaming company, dropped 1.4% after Bank of America Corp.'s Merrill Lynch said Macau casino revenue may decline this month.

Casio Computer Co. jumped 7.5% in Tokyo after the watchmaker said it will buy back 12.5 billion yen ($123 million U.S.) of its own shares.

In other markets;

The Shanghai CSI 300 gained 4.18 points, or 0.2%, to 2,180.47

In Korea, the Kospi index eked up 1.54 points, or 0.1%, to 2,006.66

Singapore's Straits Times Index faded 8.23 points, or 0.3%, to 3,283.34

In Taiwan, the Taiex index gained 10.78 points, or 0.1%, to 9,530.98

In New Zealand, the NZX 50 skidded 20.29 points, or 0.4%, to 5,166.08

Australia's S&P/ASX 200 slid 7.96 points, or 0.1%, to 5,510.94

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Source: Baystreet Foreign Markets Wrap (Canada)

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