Most Asia Stocks Drop as Rally in Japanese Shares Fizzles on Yen
- Japan's Topix index halts two-day advance; Hong Kong drops
- Philippine shares extend rally after Duterte wins election
This article is for subscribers only.
Most Asian stocks declined as Japanese shares halted a two-day rally after the yen strengthened. Philippine shares extended gains for a second day, spurred by Monday’s peaceful elections.
About five shares fell for every four that rose on the MSCI Asia Pacific Index, which traded little changed at 127.55 as of 4:34 p.m. in Hong Kong after gaining as much as 0.8 percent earlier. The Topix fell less than 0.1 percent, erasing gains of as much as 1.4 percent in the morning session. While markets rebounded briefly this week following last week’s selloff, investors aren’t convinced the rally is sustainable.