Asian stocks declined as technology companies tumbled and a slump in casino operators dragged down a gauge of Hong Kong shares by the most in about three weeks.
The MSCI Asia Pacific Index on Friday lost 0.4 percent to 135.71 as of 4:10pm in Hong Kong, erasing a weekly gain. It was little changed from last week’s 135.73.
Japan’s TOPIX slid from a January high, while Galaxy Entertainment Group Ltd and Sands China Ltd sank in Hong Kong after a cash disclosure rule report in Macau.
Developed-market stocks headed for their first weekly drop since US president-elect Donald Trump’s election spurred bets on increased fiscal stimulus.
“Markets have rallied pretty strongly and we had three fantastic weeks, but buying pressure certainly looks exhausted,” Sydney-
based Rivkin Securities global investment analyst James Woods said by telephone. “We will see some corrective declines and profit-taking and from a technical perspective, allowing momentum indicators to unwind before gains can be sustained.”
Asian equities have fluctuated this week as OPEC’s pact to reduce crude output removed the market’s uncertainty over oil.
Japanese shares are pausing after rallying last month as the yen plunged more than 8 percent.
Japan’s benchmark TOPIX on Thursday extended gains to its highest level since January, after capping its best monthly performance since July.
The Nikkei 225 Stock Average on Friday pulled back from the highest level this year, though it is still down more than 3 percent for this year.
Apple suppliers in Taiwan and Japan declined after a report that the US company is reducing orders for iPhone 7 parts.
Taiwan Semiconductor Manufacturing Co (台積電) sank 2.7 percent, the largest drag on the MSCI Asian stocks gauge, while Pegatron Corp (和碩) lost 1.7 percent.
In Japan, Murata Manufacturing Co retreated 3.3 percent, while Alps Electric Co fell 3.7 percent.
The TAIEX on Friday fell 0.8 percent to close at 9,189.49, up 0.33 percent from last week’s 9,159.07.
South Korea’s KOSPI on Friday lost 0.7 percent. Data showed the South Korean economy expanded 2.6 percent from a year earlier in the third quarter, according to revised government data, from a 2.7 percent increase earlier.
Australia’s S&P/ASX 200 Index was 1 percent lower, while New Zealand’s S&P/NZX 50 Index declined 0.4 percent.
The Hang Seng Index sank 1.4 percent to erase a weekly advance.
Galaxy Entertainment Group Ltd (銀河娛樂集團) and Sands China Ltd (金沙中國) sank at least 4.1 percent, the biggest decliners in the Hong Kong gauge.
Macau might require inbound travelers to disclose cash holdings of more than 120,000 patacas (US$15,000) at entry, Teledifusao de Macau reported.
The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong lost 1.1 percent and the Shanghai Composite Index fell 0.9 percent.
India’s S&P BSE SENSEX fell 0.4 percent.
Additional reporting by CNA, with staff writer
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