Asia Stocks Heading for First Monthly Decline Since April
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Asia’s benchmark stock gauge headed for its first monthly decline since April as investors weighed the conflict in Ukraine and company earnings. Material and consumer shares retreated.
Aluminum Corp. of China Ltd. slumped 4.6 percent in Hong Kong after China’s biggest producer of the light metal reported a wider first-half loss amid lower prices. CSPC Pharmaceutical Group Ltd. tumbled 5.7 percent after a shareholder said it would sell an 11 percent stake in the Hong Kong-based company. National Australia Bank Ltd., the nation’s largest lender by assets, gained 1.2 percent after saying it plans to sell its U.S. unit to free up capital and focus on its domestic business.