Economics

Asian Stocks Follow U.S. Equities Lower on Telecom Shares

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By Yoshiaki Nohara

October 23, 2014 at 12:09 AM UTC

Updated on

October 23, 2014 at 8:30 AM UTC

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Asian stocks fell, paring yesterday’s jump after U.S. equities declined, with telecommunications shares leading the slide.

CITIC 21CN Co., a provider of telecommunication services, slumped 6 percent in Hong Kong. Nidec Corp. sank 4.1 percent after the Japanese precision-motor maker reported earnings in line with estimates. Hyundai Motor Co. jumped 5.9 percent in Seoul trading after posting third-quarter operating profit that beat some analysts’ estimates.