Asian Stocks Head for Lowest Close Since 2012 as Shanghai Slumps
- China equities defy central bank prediction rout is ending
- Topix reverses losses to close higher in volatile trading
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Asian stocks fell, with the regional benchmark index heading for its lowest close since November 2012, after Chinese equities slumped as trading resumed on the mainland following a four-day weekend.
Galaxy Entertainment Group Ltd. dropped 5.1 percent in Hong Kong, pacing declines among Macau casino operators, after Wells Fargo Securities said VIP gaming revenue in the former Portuguese enclave may not fully recover. Perusahaan Gas Negara Persero Tbk, an Indonesian supplier of natural gas, tumbled 11 percent in Jakarta after the government announced plans to cut prices. Ricoh Co. jumped 9.3 percent in Tokyo after Effissimo Capital Management Pte raised its stake in the maker of office automation equipment