Asian Stocks Drop to 1-Month Low; Japan Down in Thin Trading
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Most Asian equities fell; Japan shares dropped as the yen gained against the dollar, while Indian stocks slid to a one-month low. China indexes rebounded from earlier losses on a day when many global markets are shut for a holiday.
The MSCI Asia Pacific Index dropped 0.1 percent to 134.37 as of 4:19 p.m. in Hong Kong. The Japan’s Topix index slid 0.4 percent. India’s Sensex Index sank as much as 1.1 percent in morning trading to a one-month low after Prime Minister Narendra Modi hinted at raising taxes on stock market income. Shanghai Stock Exchange Composite Index closed 0.4 percent higher, erasing a loss of as much as 1.3%.