Asian stocks fell for the third week in four, led by Japanese banks, after the nation’s economy grew more slowly than estimated. Technology shares rose on optimism a US economic recovery will bolster demand.
Mitsubishi UFJ Financial Group Inc, Japan’s biggest publicly traded bank, sank 8.3 percent. Santos Ltd, Australia’s third-biggest oil and gas producer, fell 7.7 percent after saying output next year may drop. Japanese chipmaker Elpida Memory Inc surged 9.8 percent in Tokyo as US jobless claims fell to a one-year low. Maanshan Iron & Steel Co, the No. 2 Chinese mill listed in Hong Kong, climbed 9.8 percent after China’s industrial production increased.
“Emerging markets will continue to lead growth in the world economy next year, and companies that can make money in those markets will remain in the spotlight,” said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co.
The MSCI Asia-Pacific Index fell 0.4 percent this week to 119.68. The gauge’s 5.5 percent gain the previous week was its steepest climb in seven months. Japan’s Nikkei 225 Stock Average added 0.9 percent this week, while South Korea’s KOSPI Index climbed 2 percent.
Hong Kong’s Hang Seng Index fell 2.7 percent and the Shanghai Composite Index retreated 2.1 percent. Australia’s S&P/ASX 200 Index lost 1.4 percent, even after a government report showed the country’s jobless rate dropped.
Mitsubishi UFJ dropped 8.3 percent to ¥455. Sumitomo Mitsui Financial Group Inc, Japan’s second-biggest bank by value, lost 6.6 percent to ¥2,710. Mizuho Financial Group Inc, the No. 3, sank 5.9 percent to ¥159.
Elpida Memory, Japan’s biggest computer memory-chip maker, advanced 9.8 percent to ¥1,331. A US government report this week showed the four-week average number of Americans filing for jobless benefits declined to a one-year low.
Taiwanese share prices are expected to gain next week thanks to optimism about relations with China ahead of high-level cross-strait talks, dealers said on Friday.
Companies with strong interests in China are expected to attract buying on hopes that the meeting from Dec. 21 to Dec. 23 will yield concrete measures on trade and investment, they said.
But with many foreign institutional investors turning quiet ahead of Christmas, turnover may be slight and the market is likely to face strong pressure at 7,900 points next week, dealers said.
For the week to Friday, Taipei’s weighted index rose 144.16 points, or 1.88 percent, to 7,795.07. That came after a 2.14 percent increase a week earlier.
“Old-economy stocks have positioned themselves well for a take-off after recent consolidation. The talks [with China] could serve as a catalyst,” Grand Cathay Securities (大華證券) analyst Mars Hsu said.
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