Asia Shares Pare Weekly Gain on Disappointing Corporate Earnings

  • 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. 

SUMMARY 

  • 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%
    • Japan’s Megabanks Set to Lower Profit Forecasts for Fiscal Year
    • Nissan Profit View Conservative, Dividend Positive: Street Wrap
  • Hang Seng Index little changed, Shanghai Composite Index +0.7%, Taiex -0.2%
    • Hong Kong Dollar’s Selloff Risks Kneecapping the City’s Equities
    • Xi’s $500 Billion Push to Reshape the World in China’s Image
  • Kospi Index -0.5% 
  • Straits Times Index -0.4%, Kuala Lumpur Composite Index little changed
    • Noble Group Can’t Promise Return to Profits as Shares Plummet
    • Mega Deal Loss Spells Joy for Malaysia’s Worst Stock on Oil
    • Wilmar Listing of China Ops Would Be Positive for Shares: RHB
  • Philippines Composite Index little changed, Thailand’s SET Index -0.6%
  • India’s Sensex Index -0.2%
Before it's here, it's on the Bloomberg Terminal.
LEARN MORE