Asian stocks fell, with the regional benchmark paring its firstly monthly gain since October last year, as earnings concerns offset a drop in US jobless claims. Chinese shares posted their biggest weekly decline in a year.
The TAIEX Index fell 0.9 percent to 9,361.91. Taiwan Semiconductor Manufacturing Co retreated for a second day from a record.
Computer-maker NEC Corp tumbled 7.5 percent in Tokyo after operating profit missed estimates. Bank of Baroda slumped 11 percent in Mumbai as net income plunged. Galaxy Entertainment Group Ltd dropped 3.1 percent in Hong Kong on a report Macau will push for a complete smoking ban in all areas of casinos.
The MSCI Asia Pacific Index slipped 0.2 percent to 140.23 as of 4:09pm in Hong Kong. The gauge was heading for a 1.7 percent advance for last month, led by a surge in Hong Kong shares. Regional stocks slid last week as NEC joined companies in the US from Caterpillar Inc to Qualcomm Inc in disappointing investors.
“This season will be more tough and they’ll be lots of earnings misses,” said Sam Le Cornu, who oversees about US$3 billion in Asian equities at Macquarie Funds Management in Hong Kong. “Earnings are going to be soft.”
Japan’s TOPIX index rose 0.1 percent. South Korea’s KOSPI slid 0.1 percent and New Zealand’s NZX 50 Index lost 0.3 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent. Hong Kong’s Hang Seng Index slid 0.4 percent. The Shanghai Composite Index dropped 1.6 percent to cap a 4.2 percent weekly drop.
Hong Kong’s Hang Seng jumped 3.8 percent last month, with Tencent Holdings Ltd surging 17 percent amid optimism Asia’s second-largest Internet company will diversify its revenue sources. The Shanghai Composite Index fell 0.8 percent this month after a regulator barred China’s three biggest brokerages from adding margin-trading accounts. The gauge surged 21 percent in December.
In other markets on Friday:
Manila rose 0.95 percent, or 72.61 points, from Thursday to 7,689.91.
Wellington was down 0.27 percent, or 15.82 points, at 5,743.99.
Mumbai fell 1.68 percent, or 498.82 points, to end at 29,182.95 points.
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