Asia Shares Pare Weekly Gain on Disappointing Corporate EarningsBy
Topix drops from 17-month high, weighed by Japan Inc. results
Kospi declines from record, Taiex slips from 17-year high
Asian shares pared a weekly gain as markets pulled back from multi-year highs amid disappointing earnings.
The MSCI Asia Pacific Index fell 0.3 percent as of 3:34 p.m. Hong Kong time, pulling its weekly gain back to about 1.3 percent. Japan office equipment maker Konica Minolta Inc. was among the worst performers in the benchmark index as the company forecast a drop in operating profit for next year. South Korea’s Kospi index retreated from its record high as cosmetics company Cosmax Inc. plunged after first-quarter earnings missed forecast.
“It’s completely reasonable that after performing this week we have some profit taking,” said James Woods, a Sydney-based investment analyst at Rivkin Securities.
- Australia’s S&P/ASX 200 -0.7%
- Laggards include Syrah Resources -7.2%, Bapcor -5.5%, Japara Healthcare -4.5%
- After Quintis Victory, Short-Seller Glaucus Scours Australia
- Japan’s Nikkei 225 -0.4%, Topix -0.4%
- Hang Seng Index little changed, Shanghai Composite Index +0.7%, Taiex -0.2%
- Kospi Index -0.5%
- Straits Times Index -0.4%, Kuala Lumpur Composite Index little changed
- Philippines Composite Index little changed, Thailand’s SET Index -0.6%
- India’s Sensex Index -0.2%
— With assistance by Livia Yap
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