Asian Stocks Tumble, Sending MSCI Asia to Lowest in 16 Months
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Asian stocks fell, sending the MSCI Asia Pacific Index to the lowest level since May last year, amid mounting concern Europe won’t resolve its debt crisis and as companies from Nippon Electric Glass Co. to China Yurun Food Group Ltd. predicted lower earnings.
Nippon Electric Glass, a maker of parts for flat screen displays, sank 12 percent after cutting its profit forecast. China Yurun Food plunged 31 percent after the pork producer said profit will drop because of higher material costs. Hanjin Shipping Co., South Korea’s largest shipping line, fell by the daily limit of 15 percent after saying it will sell new shares.