Aug. 17 (Bloomberg) -- Asian stocks fell, led by exporters such as Fuji Photo Film Co. and Esprit Holdings Ltd., after U.S. retailers including Wal-Mart Stores Inc. said record gasoline prices reduced consumer spending.

``Walmart's example shows the risk of surging gasoline prices for consumer demand, which is a concern for exporters,'' said Taiji Yoshida, who helps manage $6.1 billion at Yasuda Asset Management Co. in Tokyo.

The Morgan Stanley Capital International Asia-Pacific Index, which tracks more than 1,000 companies, slid 0.6 percent to 105.64 at 3:25 p.m. in Tokyo.

Japan's Nikkei 225 Stock Average declined 0.4 percent to 12,273.12, sliding from a four-year high. Indexes fell across the region, except in India, China and New Zealand. Taiwan's benchmark was little changed. Indonesia was closed today for a holiday.

In the U.S., the Dow Jones Industrial Average fell 1.1 percent. Wal-Mart, the world's largest retailer, dropped 3.1 percent, the worst performance in the Dow average. Oil prices have climbed 52 percent this year.

``The high oil price can't be ignored and it is starting to have a negative impact on consumption in the U.S.,'' said Choi Chang Hoon, who helps oversee the equivalent of $770 million at Woori Asset Management Co. in Seoul. ``Oil will remain the biggest risk for the stock market.''

`Major Source'

Fuji Photo, the world's fifth-largest seller of digital cameras, dropped 1.4 percent to 3,630 yen. The company gets a third of its sales from abroad. Hitachi Ltd., Japan's largest maker of electronics, slid 1.2 percent to 681 yen.

Esprit Holdings, which plans to open as many as 10 stores a year in the U.S. to sell the company's apparel, dropped 2.6 percent to HK$58.80 in Hong Kong.

Wal-Mart, with $285.2 billion in sales last year, cut its full-year net income forecast after posting the smallest quarterly profit gain in four years. Wal-Mart bought $18 billion in goods from China alone last year to sell in its stores. That's the equivalent of about 3 percent of the nation's exports in 2004.

Wal-Mart is ``just one company's comment, but it's from a major source,'' said Jean-Marc Champagne, an associate director of institutional sales at Sinopac Securities Asia Ltd. in Hong Kong. ``If Wal-Mart is saying that, then it's definitely going to have some trickle-down effect'' on companies in Asia. He's telling his clients to avoid shares linked to the global economy.

`A Concern'

The price for regular gasoline in the U.S. reached a record $2.524 a gallon this week, according to the American Automobile Association, 36 percent higher than a year ago. Crude oil for September delivery, which touched an all-time high of $67.10 a barrel last week, is trading at $66.18.

Hynix Semiconductor Inc., the world's second-largest maker of computer-memory chips last year, lost 1.1 percent to 22,100 won in Seoul. LG Electronics Inc., South Korea's second-largest electronics maker, fell 0.8 percent to 64,000 won.

``Those who say higher oil prices aren't a concern are lying,'' said Tan Chong Koay, chief executive at Pheim Asset Management in Singapore, which manages about $650 million in assets. ``There will be an effect on consumer power.''

Shares of Carter Holt Harvey Ltd., Australia and New Zealand's biggest lumber maker, jumped 4.1 percent to NZ$2.56, after Graeme Hart, a New Zealand entrepreneur, offered NZ$3.27 billion ($2.3 billion) for the company.

Carter Holt, Softbank

Hart's Rank Group Ltd. agreed to pay NZ$2.50 a share to buy the 50.5 stake owned by International Paper Co. Under New Zealand takeover rules, Hart must make the same offer to all Carter Holt shareholders.

Softbank Corp., Japan's second-largest provider of high-speed Internet access, surged 7.5 percent to 5,450 yen. The Nihon Keizai newspaper reported the company plans to boost profit by curtailing marketing for some of its fixed-line services to individuals and targeting small businesses.

Elsewhere, Mitsubishi Gas Chemical Co., the world's third- largest methanol maker, jumped 8 percent to 700 yen, its highest close in almost 15 years, after UFJ Tsubasa Securities Co. rated the stock ``outperform'' in initial coverage.

Mitsubishi Gas and Softbank had the biggest and second- biggest percentage gains on the MSCI World Index so far.

Citizen Watch Co., Japan's biggest watchmaker, plunged 6 percent to 891 yen, the biggest drop in three years, and had the largest slide on the MSCI World Index in Asia trading. The company slashed its full-year profit forecast, prompting Goldman, Sachs & Co. and JPMorgan Chase & Co. to lower their recommendations on the stock.

To contact the reporters on this story: Michael Tsang in Tokyo at mtsang1@bloomberg.net; Chen Shiyin in Singapore at schen37@bloomberg.net.

Last Updated: August 17, 2005 02:58 EDT