Asia Stocks Outside Japan Fall as China Shares Drop Before IPOs
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Asian stocks outside Japan slid amid low trading volume as Chinese equities retreated ahead of a flood of new share sales.
China Mobile Ltd. dropped 2.8 percent in Hong Kong on a Xinhua News Agency report that China will cut Internet service fees by 30 percent. China Petroleum & Chemical Corp. slid 1.2 percent as energy shares led declines in Asia after oil capped a three-day loss on Friday. South32 Ltd., the miner spun off from BHP Billiton Ltd., had a disappointing Sydney trade debut amid investor concern for growth potential. Dai-ichi Life Insurance Co. surged 11 percent as Japan stocks advanced on earnings prospects and share buybacks.