Asia Telecom Stocks Fall While BYD Jumps as Yuan Tumbles
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Asian telecommunication companies and banks slid on the regional benchmark gauge, while BYD Co. jumped. The index swung between gains and losses through the day after the yuan sank by a record.
Agricultural Bank of China Ltd. slipped 2.1 percent as the Hang Seng China Enterprises Index of mainland firms listed in Hong Kong fell 0.7 percent. SoftBank Corp., Japan’s third-largest carrier, fell for a third day, sliding 3.1 percent. BYD, a maker of electric cars, soared 8.1 percent after its 2013 profit surged. James Hardie Industries Plc surged 6.1 percent after the Australian provider of building materials said profit jumped last quarter.